<SEC-DOCUMENT>0001292814-22-002771.txt : 20220616
<SEC-HEADER>0001292814-22-002771.hdr.sgml : 20220616
<ACCEPTANCE-DATETIME>20220616121323
ACCESSION NUMBER:		0001292814-22-002771
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20220331
FILED AS OF DATE:		20220616
DATE AS OF CHANGE:		20220616

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:		221019859

	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>pam20220523_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<HR SIZE="2" NOSHADE ALIGN="LEFT" STYLE="width: 100%; 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>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;June,
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>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="word-spacing: 0px; background-color: white"><B>Exhibit
1: </B></FONT> <A HREF="ex99-1.htm">Unaudited Consolidated Condensed Interim Financial Statements as of March 31, 2022</A></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="word-spacing: 0px; background-color: white"><B>Exhibit
2: </B></FONT><A HREF="ex99-2.htm">The condensed management discussion and analysis of our financial results for the three-month periods ended March 31, 2022 and 2021</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: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"></P>



<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;June 16, 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/14pt Times New Roman,serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><IMG SRC="pamfs1q226k_001.jpg" ALT=""><B>&nbsp;</B></P>

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

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

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

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

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"><B>AS OF MARCH 31, 2022 </B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"><B>AND FOR THE THREE-MONTH PERIOD THEN ENDED AS OF MARCH 31, 2022 </B></P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0">&nbsp;</P>





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<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 12pt Arial Unicode MS,serif; margin-top: 5pt; margin-bottom: 5pt"><B>GLOSSARY OF TERMS</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0; text-align: justify">The following are not technical definitions, but
they are helpful for the reader&#8217;s understanding of some terms used in the notes to the Unaudited Consolidated Condensed Interim
Financial Statements of the Company.</P>

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


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


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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, serif; width: 15%">Terms</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, serif; width: 80%">Definitions</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">PB18</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Pampa Bloque 18 S.A. (former Ecuador TLC S.A.)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">PEB</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Pampa Energ&iacute;a Bolivia S.A.&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">PEN</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">National Executive Branch</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">PISA</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Pampa Inversiones S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Refinor</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Refiner&iacute;a del Norte S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">SACDE</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Sociedad Argentina de Construcci&oacute;n y Desarrollo Estrat&eacute;gico</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">SE</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Secretary of Energy</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">TGS</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Transportadora de Gas del Sur S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">TJSM</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Termoel&eacute;ctrica Jos&eacute; de San Mart&iacute;n S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">TMB</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Termoel&eacute;ctrica Manuel Belgrano S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">The Company / Pampa</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Pampa Energ&iacute;a S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">The Group</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Pampa Energ&iacute;a S.A. and its subsidiaries</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Transba</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Empresa de Transporte de Energ&iacute;a El&eacute;ctrica por Distribuci&oacute;n Troncal de la Provincia de Buenos Aires Transba S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Transener</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Compa&ntilde;&iacute;a de Transporte de Energ&iacute;a El&eacute;ctrica en Alta Tensi&oacute;n Transener S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">US$</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">U.S. dollar</TD></TR>
  </TABLE>


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


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

<P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>COMPREHENSIVE INCOME</B></P>

<P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended
March 31, 2022</B></P>

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 58%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 10%">Note</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 15%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 15%">03.31.2021</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Revenue</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">8</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">44,011</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">28,635</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">9</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(26,387)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(16,353)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Gross profit</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">17,624</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">12,282</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,920)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(542)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(3,529)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(2,016)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Exploration expenses</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.3</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(8)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(7)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.4</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,300</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">976</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.4</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,668)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(3,050)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Impairment of&nbsp;&nbsp;inventories</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(9)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(127)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(103)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">5.2.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,682</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,226</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Operating income&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">14,345</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">9,766</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Finance income</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">246</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">165</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Finance costs</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(4,195)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(3,986)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Other financial results</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">(289)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">(2,061)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Financial results, net</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(4,238)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(5,882)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Profit before income tax</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; text-align: right">10,107</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; text-align: right">3,884</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.6</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">347</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(715)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Profit of the period from continuing operations</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; text-align: right">10,454</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; text-align: right">3,169</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Profit of the period from discontinued operations</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">5.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">525</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Profit of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right">10,454</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right">3,694</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other comprehensive income (loss)&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; text-align: left; background-color: white">Items that will not be reclassified to profit or loss</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Exchange differences on translation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">15,371</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,256</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Items that may be reclassified to profit or loss</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Exchange differences on translation</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">4,401</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">1,165</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other comprehensive income of the period from continuing operations</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">19,772</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,421</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Other comprehensive income of the period from discontinued operations</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">5.1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">4,435</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other comprehensive income of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">19,772</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">15,856</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">Total comprehensive income of the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">30,226</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">19,550</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-size: 9pt"></FONT></P>

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


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

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>STATEMENT OF COMPREHENSIVE
INCOME </B></FONT>(Continuation)</P>

<P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended
March 31, 2022</B></P>

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 58%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 10%">Note</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 15%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 15%">03.31.2021</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Total income of the period attributable to:</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Owners of the company</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,304</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,152</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Non - controlling interest</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">150</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">542</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,454</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,694</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Total income of the period attributable to owners of the Company:</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Continuing operations&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">10,304</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,150</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Discontinued operations&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,304</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,152</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Total comprehensive income of the period attributable to:</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Owners of the Company</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">30,024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">15,317</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Non - controlling interest</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">202</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,233</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">30,226</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">19,550</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Total comprehensive income of the period attributable to owners of the Company:</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Continuing operations&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">30,024</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">14,530</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Discontinued operations&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">787</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">30,024</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">15,317</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Earnings per share attributable to the equity holders of the Company during the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Basic and diluted earnings per share from continuing operations</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">13.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7.46</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2.17</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Basic and diluted earnings per share from discontinued operations</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">13.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">0.001</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Total basic and diluted earnings per share&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">13.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7.46</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2.17</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 9pt/115% Times New Roman,serif; margin: 0 0 10pt">The accompanying notes are an integral part of these Unaudited Consolidated
Condensed Interim Financial Statements.</P>


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

<P STYLE="font: 11pt/14pt Times New Roman,serif; margin: 0; text-align: center"><B>OF FINANCIAL POSITION</B></P>

<P STYLE="font: 11pt/14pt Times New Roman,serif; margin: 0; text-align: center"><B>As of March 31, 2022</B></P>

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; width: 58%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 10%">Note</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 15%">03.31.2022</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 15%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">ASSETS</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">NON-CURRENT ASSETS</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">186,940</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">170,390</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Intangible assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,262</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,956</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Right-of-use assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,107</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,231</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Deferred tax assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.3</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">15,477</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,675</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Investments in joint ventures and associates</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">5.2.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">92,220</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">79,500</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Financial assets at amortized cost</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,700</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,821</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,239</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,998</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">64</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">61</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Trade and other receivables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.3</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,203</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,379</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">Total non-current assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">318,212</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">281,011</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">CURRENT ASSETS</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Inventories</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.4</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">19,973</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">15,888</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Financial assets at amortized cost</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">580</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">537</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">52,192</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">47,026</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">126</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Trade and other receivables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.3</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">45,082</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">40,892</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.4</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">14,624</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,283</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Total current assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">132,577</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">115,642</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Total assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">450,789</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">396,653</TD></TR>
  </TABLE>

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


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

<P STYLE="font: 11pt/14pt Times New Roman,serif; margin: 0; text-align: center"><B>As of March 31, 2022</B></P>

<P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center"><B>presented in comparative format</B></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; width: 58%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 10%">Note</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 15%">03.31.2022</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 15%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">SHAREHOLDERS&acute; EQUITY</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Share capital</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">13.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,382</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,382</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Share capital adjustment</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7,245</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7,245</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Share premium</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">19,950</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">19,950</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Treasury shares</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Treasury shares adjustment</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">21</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">21</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Treasury shares cost</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(421)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(238)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Legal reserve</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5,203</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5,203</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Voluntary reserve</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">54,528</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">54,528</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other reserves</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(609)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(550)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other comprehensive income</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">60,903</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">51,432</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Retained earnings&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">65,007</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">44,454</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Equity attributable to owners of the company</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">213,213</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">183,431</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Non-controlling interest</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">811</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">609</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Total equity</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">214,024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">184,040</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">LIABILITIES</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">NON-CURRENT LIABILITIES</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Investments in joint ventures</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">5.2.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">385</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">386</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Provisions</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">15,622</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">14,444</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Income tax and minimum notional income tax provision</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">11.6</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">19,685</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">19,287</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Defined benefit plans</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,822</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,419</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Borrowings</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">153,448</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">139,630</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Other payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.6</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,177</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,340</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Total non-current liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">194,139</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">177,506</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">CURRENT LIABILITIES</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Provisions</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">599</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">560</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Income tax&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.6</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7,589</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,098</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Taxes payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,831</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,314</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Defined benefit plans</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">472</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">515</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,983</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,876</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">18</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Borrowings</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7,746</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,165</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Trade and other payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">12.6</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">21,406</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">18,561</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Total current liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">42,626</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">35,107</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Total liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">236,765</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">212,613</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">Total liabilities and equity</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">450,789</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">396,653</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these Unaudited
Consolidated Condensed Interim Financial Statements.</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES
IN EQUITY</B></P>

<P STYLE="font: 11pt/14pt Times New Roman,serif; margin: 0; text-align: center"><B>For the three-month period ended March 31, 2022</B></P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="23" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 7pt">Attributable
    to owners</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 7pt">Equity
    holders of the company</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 7pt">Retained
    earnings</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 27%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Share
    capital</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Share
    capital adjustment</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%"><FONT STYLE="font-size: 7pt">Share
    premium</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 4%"><FONT STYLE="font-size: 7pt">Treasury
    shares</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 7pt">Treasury
    shares adjustment</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 4%"><FONT STYLE="font-size: 7pt">Treasury
    shares cost</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Legal
    reserve</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Voluntary
    reserve</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Other
    reserves</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 7pt">Other
    comprehensive income</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Retained
    earnings (Accumulated losses)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Subtotal</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Total
    equity</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">Balance as of December 31, 2020</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">1,451</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">7,605</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">19,950</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">4</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">24</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">(235)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">3,703</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">60,899</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">(759)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">29,430</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">(1,825)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">120,247</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">28,631</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">148,878</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle"><FONT STYLE="font-size: 7pt">Stock compensation plans</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">20</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">66</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">86</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">86</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-size: 7pt">Acquisition
    of own shares&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(2,148)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(2,148)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(2,148)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">Profit for the three-month period</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">3,152</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">3,152</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">542</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">3,694</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">Other comprehensive income for the three-month period</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">5,849</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">6,316</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">12,165</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">3,691</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">15,856</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Balance as
    of March 31, 2021</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">1,451</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">7,605</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">19,950</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">4</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">24</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">(2,363)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">3,703</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">60,899</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">(693)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">35,279</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">7,643</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">133,502</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">32,864</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">166,366</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">Constitution of legal and voluntary reserve</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">1,500</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">(3,325)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">1,825</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">Capital reduction</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">(69)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">(363)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">3,478</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">(3,046)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle"><FONT STYLE="font-size: 7pt">Acquisition of own shares</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(69)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(362)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">69</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">362</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(1,358)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(1,358)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(1,358)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle"><FONT STYLE="font-size: 7pt">Stock compensation plans</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">2</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">5</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">143</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">148</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">148</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle"><FONT STYLE="font-size: 7pt">Sale of subsidiary&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(31,928)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(31,928)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">Profit (Loss) for the complementary nine-month period</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">23,945</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">23,945</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">(3,853)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">20,092</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">Other comprehensive income for the complementary nine-month
    period</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">16,153</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">11,041</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">27,194</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">3,526</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">30,720</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">Balance as of December 31, 2021</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">1,382</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">7,245</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">19,950</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">4</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">21</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">(238)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">5,203</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">54,528</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">(550)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">51,432</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">44,454</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">183,431</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">609</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">184,040</FONT></TD></TR>
  </TABLE>

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


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

<P STYLE="font: 11pt/14pt Times New Roman,serif; margin: 0; text-align: center"><B>For the three-month period ended March 31, 2022</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: center"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="23" STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 7pt">Attributable
    to owners</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 7pt">Equity
    holders of the company</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 7pt">Retained
    earnings</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white; width: 27%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Share
    capital</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Share
    capital adjustment</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%"><FONT STYLE="font-size: 7pt">Share
    premium</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 4%"><FONT STYLE="font-size: 7pt">Treasury
    shares</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 7pt">Treasury
    shares adjustment</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 4%"><FONT STYLE="font-size: 7pt">Treasury
    shares cost</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Legal
    reserve</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Voluntary
    reserve</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Other
    reserves&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 7pt">Other
    comprehensive income</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Retained
    earnings</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Subtotal</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Total
    equity</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Balance as
    of December 31, 2021</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">1,382</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">7,245</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">19,950</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">4</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">21</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(238)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">5,203</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">54,528</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(550)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">51,432</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">44,454</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">183,431</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">609</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">184,040</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle"><FONT STYLE="font-size: 7pt">Acquisition of own shares</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(183)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(183)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(183)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle"><FONT STYLE="font-size: 7pt">Stock compensation plans</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(59)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(59)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(59)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">Profit for the three-month period</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">10,304</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">10,304</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">150</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">10,454</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">Other comprehensive income for the three-month period</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">9,471</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">10,249</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">19,720</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">52</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 7pt">19,772</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Balance as
    of March 31, 2022</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">1,382</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">7,245</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">19,950</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">4</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">21</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">(421)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">5,203</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">54,528</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">(609)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">60,903</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">65,007</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">213,213</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">811</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-size: 7pt">214,024</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0">The accompanying notes are an integral part of these Unaudited Consolidated Condensed
Interim Financial Statements</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH
FLOWS</B></P>

<P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended
March 31, 2022</B></P>

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

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

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


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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: justify; background-color: white; width: 58%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 10%">Note</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 15%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 15%">03.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">Cash flows from operating activities:</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Profit of the period from continuing operations</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,454</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,169</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Adjustments to reconcile net profit to cash flows generated by operating activities:</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">14.1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7,733</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,872</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Changes in operating assets and liabilities</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">14.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(5,545)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,630)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Net cash generated by operating activities from discontinued operations</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">5.1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,096</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">Net cash generated by operating activities</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">12,642</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">15,507</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Cash flows from investing activities:</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Payment for property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(7,848)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,204)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Payment for public securities and shares, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,972)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,570)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">(Suscription) Recovery of investment funds, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(215)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,496</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Payments for associates acquisition</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(62)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(772)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Collections for sale of subsidiary</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">216</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Collections for sales of property, plant and equipment and other assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">256</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Dividends received</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">446</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Collected (Granted) loans, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,172</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(71)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Net cash used in investing activities from discontinued operations</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">5.1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,113)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;Net cash used in investing activities</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">(8,007)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">(6,232)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Cash flows from financing activities:</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Proceeds from borrowings</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,564</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,503</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Payment of&nbsp;&nbsp;borrowings</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(4,616)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Payment of&nbsp;&nbsp;borrowings interests</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(4,327)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(4,687)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Payment for acquisition of own shares</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(183)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,148)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Payments of leases</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(183)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(43)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Net cash used in financing activities from discontinued operations</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">5.1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(114)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Net cash used in financing activities</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">(2,129)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">(9,105)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Increase in cash and cash equivalents</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">2,506</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">170</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Cash and cash equivalents at the begining of the year</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">12.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,283</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,900</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Cash and cash equivalents at the beginning of the year reclasified to assets classified as held for sale</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,362</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Exchange and conversion difference generated by cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">835</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(280)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Cash and cash equivalents at the end of the year reclasified to assets classified as held for sale</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(6,898)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Increase in cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,506</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">170</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Cash and cash equivalents at the end of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">12.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">14,624</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">9,254</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 9pt Times New Roman,serif; margin: 0 0 0 14.2pt">The accompanying notes are an integral part of these Unaudited Consolidated
Condensed Interim Financial Statements.</P>

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


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<P STYLE="text-align: center; font: 12pt Arial Unicode MS,serif; margin-top: 5pt; margin-bottom: 5pt"><B>NOTES TO THE UNAUDITED CONSOLIDATED
CONDENSED INTERIM <BR>
FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended
March 31, 2022</B></P>

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

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of Argentine
Pesos (&#8220;$&#8221;))</FONT></P>

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

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

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 1</U>: GENERAL INFORMATION</B></P>

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B>1.1<FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;
</FONT>General information of the Company</B></P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">In the generation segment, the Company, directly
and through its subsidiaries and joint ventures, has a 4,970 MW installed capacity, which represents approximately 12% of Argentina&#8217;s
installed capacity, and being one of the four largest independent generators in the country. Additionally, the Company is currently undergoing
a process to expand its capacity by 361 MW.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">In the oil and gas segment, the Company develops
an important activity in gas and oil exploration and production, with operations in 13 production areas and 5 exploratory areas reaching
a production level of 9 million m3/day of natural gas and 5.1 barrels/day of oil equivalent for oil in Argentina, during the three-month
period ended March 31, 2022. Its main natural gas production blocks are located in the Provinces of Neuqu&eacute;n and R&iacute;o Negro.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">In the petrochemicals segment, operations are
located in Argentina, where the Company operates three high-complexity plants producing styrene, synthetic rubber and polystyrene, with
a domestic market share ranging between 86% and 99%.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Finally, through the holding and others segment,
the Company participates in the transmission and gas transportation businesses. In the transmission business, the Company jointly controls
Citelec, which has a controlling interest in Transener, a company engaged in the operation and maintenance of a 21,426&nbsp;km high-voltage
electricity transmission network in Argentina with an 86% share in the Argentine electricity transmission market. In the gas transportation
business, the Company jointly controls CIESA, which has a controlling interest in TGS, a company holding a concession for the transportation
of natural gas with 9,231 km of gas pipelines in the center, west and south of Argentina, and which is also engaged in the processing
and sale of natural gas liquids through the Cerri Complex, located in Bah&iacute;a Blanca, in the Province of Buenos Aires. Besides, the
Company owns a 30.1% indirect interest in OCP, licensee company of an oil pipeline in Ecuador that has a transportation capacity of 450,000&nbsp;barrels/day
and a 28.5% direct interest in Refinor, which has a refinery with an installed capacity of 25.8 kb of oil per day and 92 gas stations.
Additionally, the segment includes advisory services provided to related companies.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 2</U>: REGULATORY FRAMEWORK</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS,serif; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.1</B></TD><TD STYLE="padding-left: 5pt"><B>Generation</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm">2.1.1</TD><TD STYLE="text-align: justify"><U>Remuneration scheme for the spot market</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">On April 21, 2022, SE Resolution No. 238/22 was published
in the BO. This resolution provided a 30% increase in spot generation remuneration values from the February 2022 economic transaction,
and an additional 10%&nbsp;increase from the June 2022 economic transaction, which involves a cumulative 43% increase from June 2022.
It also abrogated the application of the utilization factor; therefore, 100% of the power capacity remuneration will be settled.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">Lastly, it canceled, effective from the February 2022
economic transaction, the transitory additional remuneration set by SE Resolution No. 1037/21 and instrumented through Note No. NO-2021-108163338-APN-SE#MEC.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm">2.1.2</TD><TD STYLE="text-align: justify"><U>Seasonal Programming</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">On April 18, 2022, through Resolutions No. 235/22 and
236/22, the SE convened public hearings to address the segmentation of energy and natural gas prices subsidies by the Federal Government
for the 2022-2023 biennium and the seasonal prices for energy applicable from June 1, 2022, respectively. The public hearings will be
held virtually on May 12 and 11, 2022, respectively.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">Subsequently, on April 29, 2022, Resolution SE No. 305/22
was published, approving the seasonal winter programming (May 2022 - October 2022) that eliminated subsidies to the energy and power availability
reference prices for Distributor&acute;s Large Users, maintained energy reference prices for public health and educational entities, general
and residential demand and maintained the stabilized price for the high-voltage and main distribution electricity transmission service
approved by Resolution SE No. 105/22 and approved new reference unsubsidized prices.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS,serif; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.2</B></TD><TD STYLE="padding-left: 5pt"><B>Oil and Gas</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm">2.2.1</TD><TD STYLE="text-align: justify"><U>Natural gas for the residential segment and CNG </U></TD></TR></TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">On April 18, 2022, through Resolution No. 237/22, the
SE convened a public hearing to address natural gas prices at the Transportation System Entry Point (&quot;PIST&quot;) applicable from
June 1, 2022. The public hearing was held virtually on May 10, 2022.</P>

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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS,serif; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.3</B></TD><TD STYLE="padding-left: 5pt"><B>Transmission</B></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 0 18pt; text-align: justify"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">On February 25, 2022, the ENRE issued Resolutions No.
68/22 and 69/22 approving the new hourly remuneration effective from February 1, 2022, and establishing a 25% and 23% increase compared
to the remuneration effective from August 2019 for Transener and Transba, respectively. Considering the difference between the financial
economic projections presented and the values finally approved by the ENRE, the Company has submitted a motion to review the file and
a preliminary challenge. Moreover, on March 15, 2022, the corresponding Motions for Reconsideration against Resolutions No. 68/22 and
69/22 were filed. The ENRE through Resolutions No. 147/22 and 148/22, communicated on May 10, 2022, partially granted the Motions for
Reconsideration filed by Transener and Transba, respectively, establishing a 67% and 69% increase, effective from February 1, 2022, in
comparison to the remuneration in force as of August 2019 for each company.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS,serif; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.4</B></TD><TD STYLE="padding-left: 5pt"><B>Regulations on access to the MLC</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">The main regulations on MLC inflows and outflows issued
by the BCRA in the three-month period ended March 31, 2022 are summarized below:</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The need for BCRA&#8217;s prior authorization
to access the MLC was extended until December 31, 2022 inclusive in the following cases: (i) the cancellation of principal of foreign
financial debts with foreign affiliates, and (ii) payments for the import of certain goods, unless certain conditions are met, such as
the presentation of an affidavit by the customer declaring that the total amount of payments associated with the goods imports transacted
through the MLC does not exceed US$ 250 thousand; or in the case of a deferred payment for the import of goods for transactions shipped
from July 1, 2020, or which, having been previously shipped, had not arrived in the country before that date; or a sight payment or payment
of commercial debts without a customs entry registration for the import of supplies to manufacture goods in the country. Moreover, in
early March 2022, BCRA's intervention was incorporated into the Integrated Imports Monitoring System (SIMI). Under it, the BCRA can assign
categories different from the SIMI affidavits for imports when the conditions outlined in the applicable regulations are verified, which
will define the minimum terms to access the MLC to pay such imports.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">Furthermore, the BCRA extended the obligation to submit
a refinancing plan for certain debts and principal maturities scheduled until December 31, 2022, maintaining the following criteria: (i)
access to the MLC for up to 40% of the principal amount, within the original term; and (ii) the refinancing of the principal balance,
through new foreign indebtedness with an average life of 2 years. Within the framework of this refinancing process, access to the MLC
is allowed for the early cancellation of principal, interest or debt swaps up to 45 calendar days before the maturity date, provided all
requirements set forth by the regulation have been verified.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">More information on Argentina&#8217;s foreign
exchange regulations can be found at the Central Bank&#8217;s website: www.bcra.gov.ar.</P>

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


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<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 3</U>: BASIS OF PREPARATION</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">These Condensed Interim Financial Statements for
the three-month period ended March 31, 2022 have been prepared pursuant to the provisions of IAS 34, &#8220;Interim Financial Information&#8221;,
are expressed in million pesos and were approved for their issuance by the Company&#8217;s Board of Directors on May 11, 2022.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">This condensed interim financial information had
been prepared under the historical cost convention, modified by the measurement of financial assets at fair value through profit or loss.
These financial statements do not include all the information that would be required for complete annual financial statements and, therefore,
they should be read together with the annual financial statements as of December 31, 2021, which have been prepared under IFRS.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">These consolidated condensed interim financial statements
for the three-month period ended March 31, 2022 have not been audited. The Company&#8217;s management estimates they include all the necessary
adjustments to state fairly the results of operations for the period. The results for the three-month period ended March 31, 2022, does
not necessarily reflect in proportion the Company&#8217;s results for the complete year.</P>

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

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

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">The information as of December 31, 2021 and for
the three-month period ended March 31, 2021, disclosed for comparative purposes arises from the consolidated financial statements as of
those dates.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></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%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 4</U>: ACCOUNTING POLICIES</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The accounting policies applied in these consolidated
condensed interim financial statements are consistent with those used in the consolidated financial statements for the last fiscal year,
which ended on December 31, 2021.</P>

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

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0; text-indent: 0cm"><B>4.1 New accounting standards, amendments and interpretations
issued by the IASB effective as of December 31, 2022 and adopted by the Company</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The Company has applied the following standards
and / or amendments for the first time as of January 1, 2022:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">IFRS 3 &#8220;Business combination&#8221; (amended in May 2020)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">Annual Improvements to IFRS Standards - 2018-2020 cycle (issued in May 2020)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">IAS 16 &#8220;Property, Plant and Equipment &#8221; (amended in May 2020)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">IAS 37 &#8220;Provisions, contingent liabilities and contingent assets&#8221; (amended in May 2020)</TD></TR></TABLE>

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

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

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

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 5</U>: GROUP STRUCTURE</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/106% Arial Unicode MS,serif; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>5.1</B></TD><TD STYLE="padding-left: 5pt"><B>Sale of controlling stake in Edenor</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">The results for the three-month period ended March 31,
2021 associated with Edenor&#8217;s operations, prior to Edenor&#8217;s control transfer, dated June 30, 2021, have been disclosed within
&quot;Discontinued operations&quot; in the Consolidated Condensed Interim Statement of Comprehensive Income.</P>

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



<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt/107% Times New Roman,serif; margin: 0 0 8pt 18pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 80%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">Distribution of energy</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center">03.31.2021</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Revenue</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">21,023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(16,599)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Gross profit&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,424</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,548)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,080)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">550</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(751)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Impairment of property, plant and equipment&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(696)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(667)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Operating income&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">232</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Gain on monetary position, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5,417</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Finance imcome</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Finance costs</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(4,431)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Other financial results</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">134</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Financial results, net</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,134</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Profit before income tax</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; text-align: right">1,366</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(841)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Profit of the period from discontinued operations</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">525</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other comprehensive income</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Items that will not be reclassified to profit or loss</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Exchange differences on translation</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,435</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other comprehensive income of the period from discontinued operations</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">4,435</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Total comprehensive income of the period from discontinued operations</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,960</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Profit of the period from discontinued operations attributable to:</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Owners of the company</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Non - controlling interest</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">523</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">525</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total comprehensive income of the period from discontinued operations attributable to:</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Owners of the company</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">787</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Non - controlling interest</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,173</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,960</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/107% Times New Roman,serif; margin: 0 0 8pt 18pt"><B>&nbsp;</B></P>



<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman,serif; margin: 0 0 8pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The consolidated statement of cash flows related to discontinued
operations as of March 31, 2021 is presented below:</P>

<P STYLE="font: 10pt/107% Times New Roman,serif; margin: 0 0 8pt 18pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman,serif; margin: 0 0 8pt 18pt"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 80%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 18%">03.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Net cash generated by operating activities</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4,096</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Net cash used in investing activities</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(2,113)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Net cash used in financing activities</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(114)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Increase in cash and cash equivalents from discontinued operations</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font-family: Times New Roman, serif; text-align: right">1,869</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Cash and cash equivalents at the begining of the year</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4,362</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Effect of devaluation and inflation on cash and cash equivalents</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">667</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Increase in cash and cash equivalents</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,869</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Cash and cash equivalents at the end of the period</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6,898</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/107% Times New Roman,serif; margin: 0 0 8pt 18pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman,serif; margin: 0 0 8pt 18pt"><B></B></P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>5.2</B></TD><TD STYLE="padding-left: 5pt"><B>Interest in subsidiaries, associates and joint ventures</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm">5.2.1</TD><TD STYLE="text-align: justify"><U>Subsidiaries information</U></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 35%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 11%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 26%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 12%"><FONT STYLE="font-size: 10pt">03.31.2022</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 12%"><FONT STYLE="font-size: 10pt">12.31.2021</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Company</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Country
    <FONT STYLE="font-family: Times New Roman, serif; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Main
    activity</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Direct
    and indirect participation %</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Direct
    and indirect participation %</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">Generaci&oacute;n
    Argentina S.A.U</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 10pt">Generation</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Enecor S.A.</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, serif; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 10pt">Transportation
    of electricity</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">70.00%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">70.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Fideicomiso CIESA&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Investment</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">HIDISA</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Generation</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">61.00%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">61.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">HINISA</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Generation</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">52.04%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">52.04%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white"><FONT STYLE="font-size: 10pt">CISA</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center"><FONT STYLE="font-size: 10pt">Trader &amp; investment</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">PEB</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Bolivia</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Investment</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">PB18</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Ecuador</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Oil</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Energ&iacute;a Operaciones
    ENOPSA S.A.&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Ecuador</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Oil</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white"><FONT STYLE="font-size: 10pt">Pampa Ecuador Inc</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Ecuador</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Investment</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-family: Times New Roman, serif; vertical-align: middle"><FONT STYLE="font-size: 10pt">PE Energ&iacute;a Ecuador LTD</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Gran
    Cayman</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Investment</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, serif; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">EISA</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Uruguay</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Investment</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">PISA</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Uruguay</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Investment</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">TGU</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Uruguay</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Gas
    transportation</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">51.00%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">51.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">Corod</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Venezuela</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Oil</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">Petrolera
    San Carlos S.A.</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Venezuela</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Oil</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><B><SUP>(1)</SUP></B></TD><TD><FONT STYLE="font-size: 8pt; line-height: 115%">The country of the registered office is also the principal place where the subsidiary
develops its activities.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 12pt 0 10pt"><B><U>NOTE 5:</U></B> (Continuation)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm">5.2.2</TD><TD STYLE="text-align: justify"><U>Associates and joint ventures information</U></TD></TR></TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Information about the issuer</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 12%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 27%">Main activity</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">Date</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">Share capital</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Profit (loss) of the period/year</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">Equity</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">Direct and indirect participation %</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Associates</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">Refinor</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Refinery</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">12.31.2021</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">92</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(813)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">6,856</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">28.50%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">OCP</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Investment</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">11,151</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(2,348)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">8,704</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">30.06%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">TGS <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Gas transportation</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">753</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">8,198</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">148,170</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">3.764%</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Joint ventures</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">CIESA <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Investment</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">639</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">4,181</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">75,653</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">50.00%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Citelec <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Investment</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">556</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">41</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">24,396</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">50.00%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Generation</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">8,558</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">4,629</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">55,239</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">50.00%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Greenwind</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Generation</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">68</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1,034)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">50.00%</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 6pt; font: 8pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2%"><SUP>(1)</SUP></TD>
  <TD STYLE="text-align: justify; width: 97%">The Company holds a 3.764% direct and indirect interest in TGS and a 50% interest in CIESA, a company that holds a 51% interest in the
share capital of TGS. therefore, the Company has an additional indirect participation of 25.50% in TGS</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 6pt; font: 8pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 97%">As of March 31, 2022 the quotation of TGS&acute;s ordinary shares and ADR published on the Buenos Aires Stock Exchange and the NYSE was
$ 266 and U$S 7.01 per share, respectively, granting to Pampa (direct and indirect) ownership an approximate stake market value of $
61,651 million.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 6pt; font: 8pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2%"><SUP>(2)</SUP></TD>
  <TD STYLE="text-align: justify; width: 97%">Through a 50% interest, the company jointly controls Citelec, company that controls Transener with 52.65% of the shares and votes. As
a result, the Company has an indirect participation of 26.33% in Transener.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Verdana,sans-serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: -13.5pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 18%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 18%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Disclosed in non-current assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Associates</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Refinor</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,369</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,306</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">OCP</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,080</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,479</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">TGS</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">6,618</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">5,373</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Total associates</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">9,067</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">10,159</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">CIESA</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">43,335</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">35,520</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Citelec</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">12,198</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">10,491</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">27,620</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">23,330</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Total joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">83,153</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">69,341</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">Total associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">92,220</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">79,500</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; background-color: white">Disclosed in non-current liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; background-color: white">Joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Greenwind <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(385)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(386)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">Total joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(385)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(386)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0">&nbsp;</P>


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


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><U>NOTE 5:</U></B> (Continuation)</P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">03.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Associates</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Refinor</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,328)</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">OCP</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(703)</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">73</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">TGS</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">308</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">113</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total associates</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,723)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">191</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">CIESA</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,037</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">960</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Citelec&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">21</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">116</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,315</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">946</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Greenwind</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">32</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total joint ventures</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,405</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,035</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">2,682</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">2,226</TD></TR>
  </TABLE>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 18%">03.31.2022</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white; width: 18%">03.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">At the beginning of the year</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">79,114</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">46,068</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Dividend reversal</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">1,645</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Dividends</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">(844)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Increases</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">62</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">772</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Share of profit&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">3,924</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">2,226</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Impairment <FONT STYLE="font-family: Times New Roman, serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">(1,242)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Exchange differences on translation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">10,821</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">5,692</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">At the end of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">91,835</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">56,403</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">During April 2022, the Company received an offer to sell its 28.5% minority
equity stake in Refinor, with a price below its book value. The Management of the Company has assessed the probability of occurrence of
this transaction and, on behalf of this, as of March 31, 2022, has recognized a pre-tax impairment loss of $ 1,242 million (US$&nbsp;11
million), which is disclosed under &quot;Share of profit from associates and joint ventures.&quot; </FONT></TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">Regarding the syndicated loan granted to CTB on June
25, 2019 to partially finance the obligations undertaken under the award and execution of the closing to combined cycle works, on March
25, 2022 CTB and lenders Citibank, N.A., Banco de Galicia y Buenos Aires S.A.U., Banco Santander R&iacute;o S.A., HSBC Bank Argentina
S.A. e Industrial, and Commercial Bank of China (Argentina) S.A. executed a new amendment to the agreement modifying the loan repayment
scheme in its variable interest rate tranche, with a new maturity on October 1, 2022, and changing the reference rate from LIBOR to SOFR.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 5:</U></B> (Continuation)</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">As of March 31, 2022, CTB has repaid at maturity the
amount of US$ 128.8 million of the syndicated loan. Post-closing, CTB has repaid US$&nbsp;4&nbsp;million at maturity.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><I>Closing to combined cycle project </I></P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">CTB is moving forward with the execution of the works
to increase its installed capacity from 567&nbsp;MW to 847&nbsp;MW. As of the date of issuance of these Unaudited Consolidated Condensed
Interim Financial Statements, CTB estimates to make a total investment of US$ 233 million and the commercial commissioning of the steam
turbine in the fourth quarter of 2022.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS,serif; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>5.3</B></TD><TD STYLE="padding-left: 5pt"><FONT STYLE="line-height: 107%"><B>Oil and gas participations</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><I>R&iacute;o Atuel</I></P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">In April 2022, Phoenix Global Resources, Petrolera El
Tr&eacute;bol's controlling company, and the Company, through a note to the Department of Hydrocarbons of the Province of Mendoza, requested
the granting of an Evaluation Area and a 45-day term perior to submit the activity to be committed and agree on the term of the new period.&nbsp;</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><I>Assignment of mixed companies in Venezuela</I></P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">On May 6, 2022, the Company transferred to Integra Petr&oacute;leo
y Gas S.A. (the &#8220;Assignee&#8221;) all the rights and obligations of the Company for its direct and indirect interest in the capital
of the following mixed companies in the Bolivarian Republic of Venezuela: Petroritupano S.A., Petroven-Bras S.A., Petroway&uacute; S.A.
and Petrokari&ntilde;a S.A. (the &#8220;Mixed Companies&#8221;) that exploit four hydrocarbon production areas in that country: Oritupano
Leona, La Concepci&oacute;n, Acema and Mata (the &#8220;Areas&#8221;). As consideration for the assignment, the Assignee will pay to the
Company 50% of any payment it obtains, whether monetary or in kind (including, without limitation, an indemnity, compensation, reparation
or similar) related to the direct or indirect interest in the Mixed Companies and the Areas. This transaction is subject to the change
of control approval by the Minister of Popular Power of Petroleum of the Bolivarian Republic of Venezuela.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">As of the date of issuance of these Consolidated Condensed
Interim Financial Statements, the Company considers contingent the collection right associated with the assignment, in terms of IAS 37,
taking into consideration that it is subject to the change of control approval and subsequent collection of payments by the Assignee.</P>

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

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 6</U>: RISKS</B></P>

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B>6.1 Critical accounting estimates and judgments</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The preparation of these Unaudited Consolidated
Condensed Interim Financial Statements requires the Company&#8217;s Management to make future estimates and assessments, to apply critical
judgment and to establish assumptions affecting the application of accounting policies and the amounts of disclosed assets and liabilities,
and income and expenses.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 6:</U></B> (Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Those estimates and judgments are evaluated on
a continuous basis and are based on past experiences and other reasonable factors under the existing circumstances. Actual future results
might differ from the estimates and evaluations made at the date of preparation of these Unaudited Consolidated Condensed Interim Financial
Statements.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">In the preparation of these Unaudited Consolidated
Condensed Interim Financial statements, management judgements on applying the Company&#8217;s accounting policies and sources of information
used for the respective estimates are the same as those applied in the Financial Statements for the year ended December 31, 2021.</P>

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B>6.2 Financial risk management</B></P>

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

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

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

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 7</U>: SEGMENT INFORMATION</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The Company is a fully integrated power company
in Argentina, which participates in the electricity and oil and gas value chains.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Through its own activities, subsidiaries and share
holdings in joint ventures, and based on the business nature, customer portfolio and risks involved, we were able to identify the following
business segments:</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B>Electricity Distribution</B>, consisting of
the Company&#8217;s direct interest in Edenor. As of March 31, 2021, the Company has classified the <FONT STYLE="color: #222222">results
corresponding to the divestment mentioned in Note 5.1 as discontinued operations</FONT>.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B>Oil and Gas</B>, principally consisting of the Company&#8217;s
interests in oil and gas areas and through its direct interest in CISA.</P>

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

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The Company manages its operating segment based
on its individual net result in U.S. dollars.</P>


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    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">in million of US$</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">in million of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 43%">Consolidated profit and loss information for the three-month period ended March 31, 2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Generation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Petrochemicals</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Holding and others</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Eliminations</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Consolidated</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Revenue</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">166</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">113</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">126</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">7</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">412</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">44,011</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Intersegment revenue</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">24</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(24)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(84)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(72)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(116)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">24</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(248)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(26,387)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Gross profit</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">82</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">65</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">10</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">7</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">164</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">17,624</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(14)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(4)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(19)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1,920)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(9)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(14)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(8)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(32)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(3,529)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Exploration expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(8)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">3</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">11</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1,300</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(12)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(2)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(15)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1,668)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Impairment of inventories</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(9)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(127)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, serif; text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">22</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">3</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">25</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">2,682</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Operating income</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">97</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">29</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">133</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">14,345</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Finance income</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">3</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(2)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">3</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">246</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Finance costs</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(13)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(24)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(3)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">2</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(39)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(4,195)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other financial results</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">9</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(12)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(2)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(289)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Financial results, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(3)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(35)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(38)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(4,238)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Profit (loss) before income tax</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">94</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(6)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">2</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">95</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">10,107</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">2</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">347</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Profit (loss) for the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">98</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(4)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">100</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,454</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Depreciation and amortization</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">22</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">27</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">50</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">5,374</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in million of US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in million of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 43%">Consolidated profit and loss information for the three-month period ended March 31, 2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Generation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Petrochemicals</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Holding and others</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Eliminations</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Consolidated</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Total profit (loss) attributable to:</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Owners of the company</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">97</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(4)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">99</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">10,304</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Non - controlling interest</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">150</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; background-color: white">Consolidated financial position information as of March 31, 2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1,707</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1,143</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">184</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1,157</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(131)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">4,060</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">450,789</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">506</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1,305</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">165</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">289</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(131)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">2,134</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">236,765</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, serif; text-align: left">Net book values of property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">957</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">673</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">22</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">32</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,684</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">186,940</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; background-color: white">Additional consolidated information as of March 31, 2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Increases in property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">10</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">63</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">74</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">7,878</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">in million of US$</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">in million of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 37%">Consolidated profit and loss information for the three-month period ended March 31, 2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Generation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Distribution<BR>
of energy</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Holding and others</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Eliminations</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Consolidated</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, serif; text-align: left; background-color: white">Revenue</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">161</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">51</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">103</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">6</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">321</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">28,635</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Intersegment revenue</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">28</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(28)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(79)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(52)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(82)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">28</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(185)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(16,353)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Gross profit</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">82</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">27</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">21</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">6</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">136</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">12,282</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(4)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(3)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(7)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(542)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(7)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(10)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(23)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(2,016)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Exploration expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(7)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">6</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">11</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">976</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(16)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(16)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(33)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(3,050)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(103)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, serif; text-align: left; background-color: white">Share of profit from joint ventures and associates&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">11</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">15</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">26</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,226</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Operating income&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">91</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">17</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">109</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">9,766</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Finance income</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">2</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">165</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Finance costs</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(12)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(32)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(45)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(3,986)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other financial results</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(17)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(21)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">15</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(24)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(2,061)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Financial results, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(28)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(52)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(2)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">15</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(67)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(5,882)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Profit (loss) before income tax</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">63</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(52)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">15</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">16</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">42</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">3,884</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Income tax&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(16)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">17</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(4)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(8)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(715)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Profit (loss) for the period from continuing operations</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">47</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(35)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">34</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,169</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Profit for the period from discontinued operations</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">525</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Profit (loss) for the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">47</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(35)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">11</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">11</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">39</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">3,694</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Depreciation and amortization</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">22</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">20</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">43</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,838</TD></TR>
  </TABLE>


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


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in million of US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in million of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 37%">Consolidated profit and loss information for the three-month period ended March 31, 2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Generation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Distribution<BR>
of energy</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Holding and others</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Eliminations</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle">Total profit (loss) attributable to:</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, serif">Owners of the company</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">47</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(35)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">11</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">11</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">33</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,152</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, serif; text-align: left">Non - controlling interest</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">6</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">6</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">542</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; background-color: white">Consolidated financial position information as of December 31, 2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Assets</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,670</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,157</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">176</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,067</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(209)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,861</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">396,653</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">525</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,324</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">166</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">264</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(209)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,070</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">212,613</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Net book values of property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">969</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">636</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">22</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">32</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,659</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">170,390</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif">Additional consolidated information as of March 31, 2021</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, serif; text-align: left">Increases in property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">29</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">31</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,736</TD></TR>
  </TABLE>


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


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 8</U>: REVENUE</B></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 18%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 18%">03.31.2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Energy sales to the Spot Market</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5,983</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,138</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Energy sales by supply contracts</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9,138</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,685</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Fuel supply</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,511</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,462</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">121</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">85</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Generation sales subtotal</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">17,753</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">14,370</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Oil, gas and liquid sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,724</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,305</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">321</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">173</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Oil and gas sales subtotal</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">12,045</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,478</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Petrochemicals products</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">13,494</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9,196</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Petrochemicals sales subtotal</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">13,494</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">9,196</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Technical assistance services&nbsp;&nbsp;and administration sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">715</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">588</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Other&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Holding and others subtotal</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">719</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">591</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Total revenue</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">44,011</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">28,635</TD></TR>
  </TABLE>


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


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 9</U>: COST OF SALES</B></P>

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


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 18%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 18%">03.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Inventories at the beginning of the year</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">15,888</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">9,766</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Plus: Charges for the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Purchases of inventories, energy and gas&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">14,455</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">8,407</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Salaries and social security charges</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,917</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,100</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Benefits to employees</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">366</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">229</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Accrual of defined benefit plans</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">160</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">107</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Works contracts, fees and compensation for services</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,577</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,080</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Depreciation of property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">5,007</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,683</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Intangible assets amortization</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">12</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Right-of-use assets amortization</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">215</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Transport of energy</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">172</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">119</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Transportation and freights</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">650</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">506</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Consumption of materials</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">553</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">369</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Penalties</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">14</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Maintenance</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,245</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">755</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Canons and royalties</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,921</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,119</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Environmental control</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">104</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">68</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Rental and insurance</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">811</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">547</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Surveillance and security</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">90</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">52</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Taxes, rates and contributions</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">126</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">66</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">41</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">38</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Subtotal</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">29,436</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">18,310</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,036</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">748</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Less: Inventories at the end of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(19,973)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(12,471)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Total cost of sales</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">26,387</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">16,353</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>



<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 10</U>: OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME</B></P>



<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 10pt 0"><B>10.1 Selling expenses</B></P>

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


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 6%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 18%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 18%">03.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Salaries and social security charges</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">139</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">68</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Benefits to employees</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">8</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Fees and compensation for services</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">90</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">79</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Compensation agreements&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Depreciation of property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Taxes, rates and contributions</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">271</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">213</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Transport&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,375</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">157</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">36</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">Total selling expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,920</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">542</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B>10.2 Administrative expenses</B></P>

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


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 55%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 18%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white; width: 18%">03.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Salaries and social security charges</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,344</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">675</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Benefits to employees</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">136</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">81</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Accrual of defined benefit plans</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">280</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">173</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Fees and compensation for services</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">882</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">585</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Compensation agreements</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">310</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">93</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Directors' and Syndicates' fees</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">149</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">131</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Depreciation of property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">139</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">111</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Consumption of materials</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">12</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Maintenance</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">65</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">36</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Transport and per diem</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">26</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Rental and insurance</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">8</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Surveillance and security</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">22</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Taxes, rates and contributions</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">55</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">31</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Communications</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">27</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Other</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">74</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">39</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">Total administrative expenses</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,529</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,016</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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



<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 10pt 0"><B>10.3 Exploration expenses</B></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 55%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 18%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 18%">03.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Geological and geophysical expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">8</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">Total exploration expenses</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">8</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">7</TD></TR>
  </TABLE>


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

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B>10.4 Other operating income and expenses</B></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; width: 6%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">03.31.2022</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">03.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; background-color: white">Other operating income</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Insurrance recovery</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Services to third parties</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">45</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">37</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Profit from property, plant and equipment sale</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">13</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Result from the sale of other assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">252</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Contingency recovery</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Recovery of tax charges</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Commercial interests</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">445</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">651</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Argentine Natural Gas Production Promotion Plan</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">396</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">226</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Other</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">135</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">49</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Total other operating income</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,300</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">976</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; background-color: white">Other operating expenses</TD>
    <TD STYLE="color: white; text-decoration: underline; font-family: Times New Roman, serif; background-color: white"><U>&nbsp;</U></TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Provision for contingencies</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(53)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,367)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Provision for environmental remediation</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,317)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Decrease in property, plant and equipment&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(34)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Impairment on tax credits</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Tax on bank transactions&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(325)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(206)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Donations and contributions</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(47)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(18)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Institutional promotion</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(87)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(63)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Readjustment of investment plan&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,011)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Royalties of Argentine Natural Gas Production Promotion Plan</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(57)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Other</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(53)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(79)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">Total other operating expenses</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(1,668)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(3,050)</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><FONT STYLE="background-color: lime"><BR STYLE="clear: both">
</FONT><U>NOTE 10:</U></B> (Continuation)</P>



<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 10pt 0"><B>10.5 Financial results</B></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; background-color: white; width: 56%"></TD>
    <TD STYLE="color: white; font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 6%">Note</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 18%">03.31.2022</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 18%">03.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; background-color: white">Finance income</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Financial interest&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">17</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Other interest</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">229</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">153</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Total finance income</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">246</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">165</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; background-color: white">Finance cost</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Financial interest</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(3,502)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(3,741)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Commercial interest</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(19)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(6)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Fiscal interest</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(408)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(58)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Other interest</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(75)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(67)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Bank and other financial expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(191)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(114)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Total finance cost</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(4,195)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(3,986)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; background-color: white">Other financial results</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Foreign currency exchange difference, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">241</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">849</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Changes in the fair value of financial instruments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(129)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(3,039)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">(Losses) Gains from present value measurement</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(410)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">139</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Other financial results</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">9</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(10)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Total other financial results</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(289)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(2,061)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Total financial results, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">(4,238)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">(5,882)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 8pt/14pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2%"><SUP>(1)</SUP></TD>
  <TD STYLE="text-align: justify; width: 97%">Net of $ 12 million capitalized in property, plant and equipment for the three-month period ended March 31, 2022. There are no finance
costs capitalized for the three-month period ended March 31, 2021.</TD></TR>
</TABLE>


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


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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



<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 10pt 0"><B>10.6 Income tax and minimum notional income tax</B></P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 57%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 19%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 19%">03.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Current tax&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">5,504</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">7</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Deferred tax&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(5,853)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">720</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Difference in the estimate of previous fiscal year income tax and the income tax statement</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(12)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">Total&nbsp;&nbsp;income tax -&nbsp;&nbsp;(income) loss</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(347)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">715</TD></TR>
  </TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 57%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 19%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 19%">03.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Profit before income tax</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">10,107</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">3,884</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Current tax rate</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">35%</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">30%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Result at the tax rate</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">3,537</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">1,165</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Share of profit from associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">(856)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">(663)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Non-taxable results</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(131)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(4)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Effects of exchange differences and other results associated with the valuation of the currency, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">3,631</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">2,146</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Effects of valuation of property, plant and equipment, intangible assets and financial assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(12,018)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(5,206)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Effect of tax rate change in deferred tax</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">45</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Adjustment effect for tax inflation&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">4,741</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">3,073</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Difference in the estimate of previous fiscal year income tax and the income tax statement</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">175</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">66</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Non-deductible cost</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">580</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">67</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(6)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">26</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Total&nbsp;&nbsp;income tax -&nbsp;&nbsp;(income) loss</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(347)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">715</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 11</U>: NON-FINANCIAL ASSETS ANF LIABILITIES</B></P>



<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 10pt 0"><B>11.1 Property, plant and equipment</B></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Original values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 35%">Type of good</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 10%">At the beginning&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 10%">Increases</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Transfers</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Decreases</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 10%">Traslation effect</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 10%">At the end&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Land</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,352</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">110</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,462</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Buildings</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">14,365</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,159</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">15,524</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Equipment and machinery</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">149,670</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">486</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,219</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">12,176</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">164,551</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Wells</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">89,091</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">26</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,256</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">7,283</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">98,656</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Mining property</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">25,960</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,095</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">28,055</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Vehicles</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">566</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">48</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(8)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">49</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">655</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, serif; background-color: white">Furniture and fixtures and software equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">5,778</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">30</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(2)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">467</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">6,277</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Communication equipments</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">128</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">10</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">138</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Materials, spare and tools</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,008</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">704</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(659)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">367</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,420</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Petrochemical industrial complex</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,374</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">11</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">12</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">193</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,590</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Work in progress</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">13,625</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">5,893</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(3,111)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(6)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,046</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">17,447</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Advances to suppliers</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">5,514</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">680</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(721)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">469</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">5,942</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Other goods</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">257</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">21</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">278</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">311,688</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">7,878</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(16)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">25,445</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">344,995</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 03.31.2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">234,426</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">2,736</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(24)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">22,003</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">259,141</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">Net of $ 12 million capitalized in property, plant and
equipment for the three-month period ended March 31, 2022. There are no capitalized financial costs for the three-month period ended March
31, 2021.</P>

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


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Depreciation</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Net book values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 30%">Type of good</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">At the beginning&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Decreases&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">For the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Traslation effect</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">At the end&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">At the end</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 10%">At 12.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Land</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,462</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,352</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Buildings</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(6,978)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(191)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(571)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(7,740)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">7,784</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">7,387</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Equipment and machinery</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(55,015)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(2,713)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(4,556)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(62,284)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">102,267</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">94,655</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Wells</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(54,632)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,729)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(4,479)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(60,840)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">37,816</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">34,459</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Mining property</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(17,892)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(290)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,456)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(19,638)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">8,417</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">8,068</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Vehicles</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(468)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">8</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(16)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(39)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(515)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">140</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">98</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Times New Roman, serif; background-color: white">Furniture and fixtures and software equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(4,879)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(100)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(397)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(5,374)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">903</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">899</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Communication equipments</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(87)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(3)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(7)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(97)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">41</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Materials, spare and tools</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(129)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(5)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(12)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(146)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,274</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,879</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Petrochemical industrial complex</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,112)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(97)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(94)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,303)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,287</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,262</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Work in progress</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">17,447</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">13,625</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Advances to suppliers</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">5,942</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">5,514</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; background-color: white">Other goods</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(106)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(3)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(9)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(118)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">160</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">151</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left">Total at 03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(141,298)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">10</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(5,147)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(11,620)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(158,055)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">186,940</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 03.31.2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(98,981)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">24</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(3,795)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(9,371)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(112,123)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">147,018</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">170,390</TD></TR>
  </TABLE>


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


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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



<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 10pt 0"><B>11.2 Intangible assets</B></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Original values</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 42%">Type of good</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 14%">At the beginning</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 16%">Traslate Effect</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 12%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 12%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">At the end</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Concession agreements</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">258</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">21</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">279</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Goodwill</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,555</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">287</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,842</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Intangibles identified in acquisitions of companies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">717</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">58</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">775</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,530</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">366</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,896</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 03.31.2021</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">5,107</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">476</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">5,583</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Depreciation</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">Type of good</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">At the beginning</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white">Traslate Effect</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">For the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">At the end</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Concession agreements</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(234)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">(2)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">(20)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(256)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Intangibles identified in acquisitions of companies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(340)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(10)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">(28)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(378)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(574)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(12)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(48)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(634)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 03.31.2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(1,652)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(22)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(155)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(1,829)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Net book values</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">Type of good</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At the end</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At 12.31.2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Concession agreements</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">23</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">24</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Goodwill</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,842</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,555</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Intangibles identified in acquisitions of companies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">397</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">377</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,262</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 03.31.2021</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">3,754</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2021</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,956</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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



<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 10pt 0"><B>11.3 Deferred tax assets and liabilities</B></P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 18%">31.03.2022</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 18%">31.12.2021</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Tax loss carryforwards</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,727</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,307</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Properties, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">14,264</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,299</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Intangible assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">179</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">284</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Trade and other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">484</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">471</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Provisions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,287</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5,812</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">31</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">31</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Defined benefit plans</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,038</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">912</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Trade and other payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">24</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">24</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Adjustment for tax inflation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">62</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">32</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Deferred tax assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">24,105</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">17,180</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(16)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(17)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Intangible assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,455)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,347)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Investments in companies</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,366)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,124)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Inventory</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,284)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,009)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,013)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,428)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Trade and other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(3,094)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(3,154)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Taxes payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(322)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(322)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Adjustment for tax inflation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(78)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(104)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">Deferred tax liabilities</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(8,628)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(8,505)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Deferred tax assets (liabilities)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">15,477</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">8,675</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0; text-align: justify">Deferred tax assets and liabilities are offset in the
following cases: a) when there is a legally enforceable right to offset tax assets and liabilities; and b) when deferred income tax charges
are associated with the same fiscal authority.</P>

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


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 10pt 0"><B>11.4 Inventories</B></P>



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE=" font-family: Times New Roman, serif; vertical-align: top; background-color: white; width: 56%"></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; width: 6%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Materials and spare parts</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9,951</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,972</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Advances to suppliers</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,295</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">798</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">In process and finished products</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,727</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,118</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Total</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">19,973</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">15,888</TD></TR>
  </TABLE>

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

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B>11.5 Provisions</B></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 18%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Non-Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Contingencies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,780</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,859</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Asset retirement obligation and decommisioning&nbsp;&nbsp;of wind turbines</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,229</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,007</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Environmental remediation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,613</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,485</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Other provisions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">93</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top">Total Non-Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">15,622</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">14,444</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Contingencies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">20</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">28</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Asset retirement obligation and decommisioning&nbsp;&nbsp;of wind turbines</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">227</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">210</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Environmental remediation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">351</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">320</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other provisions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top">Total Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">599</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">560</TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><U>NOTE 11:</U></B> (Continuation)</P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">03.31.2022</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 47%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Contingencies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">Asset retirement obligation and decommisioning&nbsp;&nbsp;of wind turbines</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">At the beginning of the year</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">10,887</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,217</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,805</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Increases</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">111</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">58</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Decreases</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(13)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(5)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">815</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">181</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">142</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">At the end of the period</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">11,800</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,456</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,964</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">03.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Contingencies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Asset retirement obligation and decommisioning&nbsp;&nbsp;of wind turbines</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">For environmental remediation</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">At the beginning of the year</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">8,660</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,798</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">216</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Increases</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,312</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">46</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,319</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Decreases</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(13)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(2)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Exchange differences on translation</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">753</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">171</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Reversal of unused amounts</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">At the end of the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,712</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,015</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,549</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">The main events taking place in the three-month period
ended March 31, 2022 regarding provision for legal proceedings and contingencies reported in the consolidated financial statements as
of December 31, 2021 are detailed below:</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">Regarding the international arbitration claims that the
Company maintains with Petrobras Operaci&oacute;n S.A. (&#8220;POSA&#8221;) and Petrobras International Braspetro B.V. (&#8220;PIB BV&#8221;)
whose actions were suspended for a period of 45 days from February 7, 2022, as of the date of issuance of these Consolidated Condensed
Interim Financial Statements, the parties decided to continue pursuing the proceeding.</P>

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


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><U>NOTE 11:</U></B> (Continuation)</P>



<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 10pt 0"><B>11.6 Income tax and minimum presumed income tax provision</B></P>

<P STYLE="font: 10pt/9pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Non-current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Income tax</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">16,369</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">16,163</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Minimum notional income tax</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,316</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,124</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">19,685</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">19,287</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Income tax, net of witholdings and advances</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7,589</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,098</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">7,589</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,098</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Book Antiqua,serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt/120% Book Antiqua,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 10pt 0"><B><U>NOTE 12</U>: FINANCIAL ASSETS AND LIABILITIES&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS,serif; margin-top: 10pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>12.1</B></TD><TD STYLE="padding-left: 5pt"><B>Financial assets at amortized cost</B></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: justify; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: justify; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top">Non-current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Term deposit</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,150</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,311</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">550</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">510</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">11,700</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,821</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">580</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">537</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">580</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">537</TD></TR>
  </TABLE>

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

<P STYLE="font: 8pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS,serif; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>12.2</B></TD><TD STYLE="padding-left: 5pt"><B>Financial assets at fair value through profit and loss</B></TD></TR></TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top">Non-current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; background-color: white">Shares</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,239</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,998</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,239</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2,998</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Government securities&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">30,016</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">28,464</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Corporate bonds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,029</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,990</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Shares</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">15,700</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">12,363</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Investment funds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,447</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,209</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">52,192</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">47,026</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><U>NOTE 12:</U></B> (Continuation)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS,serif; margin-top: 10pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>12.3</B></TD><TD STYLE="padding-left: 5pt"><B>Trade and other receivables</B></TD></TR></TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white; width: 56%"></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 6%">Note</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Non-Current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Trade receivables, net</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">7</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Non-Current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Related parties</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,430</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,394</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Tax credits</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">703</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">922</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">58</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">55</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Other receivables, net</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,196</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,372</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">3,203</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">3,379</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>



<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 6%">Note</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 17%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 17%">12.31.2021</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Receivables from MAT</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,011</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,429</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">CAMMESA</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">13,111</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9,180</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Receivables from oil and gas sales&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,061</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7,120</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Receivables from petrochemistry sales</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,379</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7,280</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,062</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">786</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">514</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">373</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Impairment of trade receivables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,013)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(963)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Trade receivables, net</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">30,125</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">26,205</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,309</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">830</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Tax credits</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">323</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">503</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Receivables for complementary activities</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">122</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">160</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,227</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,066</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Financial credit</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,044</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Guarantee deposits</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,401</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,054</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Insurance to recover</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">19</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">78</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Expenses to be recovered</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,032</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,247</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Credits for the sale of subsidiary</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,440</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,213</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Credit for sale of financial instruments</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">566</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Argentine Natural Gas Production Promotion Plan</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,554</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,479</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">546</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">459</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Allowance for doubtful other receivables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(16)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(12)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Other receivables, net</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">14,957</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">14,687</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-bottom: Black 2pt double; text-align: right">45,082</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-bottom: Black 2pt double; text-align: right">40,892</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">Due to the short-term nature of trade and other receivables,
its book value is not considered to differ from its fair value. For non-current trade and other receivables, fair values do not significantly
differ from book values.</P>



<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0">The movements in the impairment of financial assets are as follows:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 6%">Note</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">03.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">At the beginning&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">4.1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">963</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,352</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Impairment</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">44</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">80</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Exchange differences on translation</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">6</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">39</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">At the end of the period</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,013</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,471</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">The movements in the impairment of other receivables
are as follows:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 6%">Note</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">03.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">At the beginning&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">4.1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">12</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">14</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Impairment&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Reversal of unused amounts</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">At the end of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">16</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">18</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS,serif; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>12.4</B></TD><TD STYLE="padding-left: 5pt"><B>Cash and cash equivalents</B></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">12.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Cash</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">17</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Banks</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,498</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,618</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Investment funds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,109</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,649</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Total</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">14,624</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">11,283</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 12pt"><B>&nbsp;</B></P>



<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><U>NOTE 12:</U></B> (Continuation)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS,serif; margin-top: 10pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>12.5</B></TD><TD STYLE="padding-left: 5pt"><B>Borrowings</B></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 17%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Non-Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Financial borrowings</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">5,737</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">5,968</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">147,711</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">133,662</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top">Total Non-Current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">153,448</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">139,630</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Bank overdrafts</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">1,156</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Financial borrowings</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">4,655</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">3,033</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">3,091</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">3,976</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top">Total Current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">7,746</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">8,165</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right">161,194</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right">147,795</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">As of March 31, 2022 and December 31, 2021 the fair value
of the Company&#8217;s CB amount approximately to $ 141,912 million and $ 126,645 million, respectively. Such values were calculated on
the basis of the determined market price of the Company&#8217;s CB at the end of each period (fair value level 1).</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">The carrying amounts of short-term borrowings approximate
their fair value due to their short-term maturity.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">As of the issuance of these financial statements, the
Company is in compliance with the covenants provided for in their loans contracts.</P>

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

<P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: justify">The evolution of the consolidated loans over the three-month
periods ended March 31, 2022 and 2021 is disclosed below.</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 17%">03.31.2022</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">At the beginning of the year</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">147,795</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">135,805</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Proceeds from borrowings</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,564</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">2,503</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Payment of borrowings</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(4,616)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Accrued interest</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,504</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">3,740</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Payment of interests</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(4,327)</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(4,687)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Net foreign currency exchange difference</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(472)</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(1,284)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Borrowing costs capitalized in property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">12</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Exchange differences on translation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">12,118</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">12,285</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">At the end of the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">161,194</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">143,746</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></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%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><U>NOTE 12:</U></B> (Continuation)</P>

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

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0">12.5.1 <U>Issuance of Corporate Bonds Class 8</U></P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">On January 18, 2022, the Company issued Class 8 CB in
the amount of $ 3,107 million at a Badlar rate + 2%, maturing in 18&nbsp;months. This is the first green bond issued by Pampa, which reflects
the commitment to finance projects with a positive impact on the environment and to diversify the country&#8217;s energy generation matrix.
The issue was recognized by Fix Ratings, an affiliate of Fitch Ratings, with the rating of Green Bond (BV1), the best possible grade,
since it is aligned with the four main components of ICMA&#8217;s (International Capital Market Association) Green Bond Principles (GBP).
It was issued in observance of the &#8220;Guidelines for the Issuance of Social, Green and Sustainable Bonds in Argentina&#8221; of the
CNV Rules and the provisions of BYMA&#8217;s Social, Green and Sustainable Guide and the BYMA Rules, and also makes up BYMA&#8217;s Social,
Green and Sustainable Bonds Panel.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">The Company will allocate the issue&#8217;s proceeds
to finance the expansion of PEPE III wind farm.</P>

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

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0">12.5.2 <U>Financial loans</U></P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">During the three-month period ended March 31, 2022, the
Company took on new short-term financing with domestic financial entities, net of cancellations and early cancellations, for a total $
148 million. After the end of the period, the Company paid $ 1,304 million at maturity for bank debt with local financial entities.</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%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS,serif; margin-top: 10pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>12.6</B></TD><TD STYLE="padding-left: 5pt"><B>Trade and other payables</B></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 6%">Note</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; background-color: white; width: 18%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; background-color: white; width: 18%">12.31.2021</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Non-Current</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Compensation agreements&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">790</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">379</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Finance lease liability</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1,020</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">954</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Readjustment of investment plan liability</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">253</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">114</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">7</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Other payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,177</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,340</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Total non-current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-bottom: Black 2pt double; text-align: right">2,177</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-bottom: Black 2pt double; text-align: right">1,340</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Suppliers</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">17,307</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">15,807</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Customer advances</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">362</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">396</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">16</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">2,229</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1,524</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Trade payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">19,898</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">17,727</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Compensation agreements&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">135</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">136</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Finance lease liability</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">278</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">386</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Readjustment of investment plan liability</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">759</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">336</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">312</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Other payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,508</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">834</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-bottom: Black 2pt double; text-align: right">21,406</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-bottom: Black 2pt double; text-align: right">18,561</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">Due to the short-term nature of trade and other payables,
their carrying amount is considered to be the same as their fair value. <FONT STYLE="color: #222222">For most other non-current liabilities,
fair values are not significantly different from their book values either.</FONT></P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><U>NOTE 12:</U></B> (Continuation)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS,serif; margin-top: 10pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>12.7</B></TD><TD STYLE="padding-left: 5pt"><B>Fair value of financial instruments</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0">The following table shows the Company&#8217;s financial assets and liabilities
measured at fair value as of March 31, 2022 and December 31, 2021:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; background-color: white; width: 44%">As of March 31, 2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 3</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Assets</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom">Financial assets at fair value through <BR>
profit and losss</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Government securities</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">30,016</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">30,016</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Corporate bonds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,029</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,029</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Investment funds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,447</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,447</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Shares</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">15,700</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,239</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">18,939</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Investment funds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,109</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,109</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">126</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">126</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom">Other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,393</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,393</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total assets</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">66,694</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">126</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,239</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">70,059</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; background-color: white">As of December 31, 2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Level 1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Level 2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Level 3</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Financial assets at fair value through<BR>
&nbsp;profit and losss</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Government securities</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">28,464</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">28,464</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Corporate bonds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,990</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,990</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Investment funds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,209</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,209</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Shares</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">12,363</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,998</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">15,361</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Investment funds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,649</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,649</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,047</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,047</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Total assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">58,722</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">16</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,998</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">61,736</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Derivative financial instruments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">18</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Total liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">18</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">18</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The techniques used for the measurement of assets and liabilities
at fair value through profit and loss, classified as Level 2 and 3, are detailed below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Derivative Financial Instruments: calculated from variations between market prices at the closing date
of the period, and the amount at the time of the contract.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Shares: it was determined using the income-based approach through the &#8220;Indirect Cash Flow&#8221;
method, that is, the net present value of expected future cash flows, mainly through the collection of dividends taking into consideration
the 4.04% and 4.55% equity interest, direct and indirect, in TJSM and TMB, respectively.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 6pt 0 0 21.3pt; text-align: justify">&nbsp;</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%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 13</U>: EQUITY COMPONENTS</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS,serif; margin-top: 10pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>13.1</B></TD><TD STYLE="padding-left: 5pt"><B>Share Capital</B></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">As of March 31, 2022, the capital stock amounts
to $ 1,386 million, including $ 4 million of treasury shares.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><U>Acquisition of the Company&#8217;s own shares</U></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On March 10, 2022, the Board of Directors resolved
to suspend Program 11, approved on December 1, 2021 for a maximum amount of US$&nbsp;30 million, an initial term of 120&nbsp;calendar
days, and a maximum price of US$ 19 per ADR and $ 167 per common share, as the Company's share and ADR prices exceeded the set repurchase
limit values. As of the issuance of these Consolidated Condensed Interim Financial Statements, this program has already expired.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">During the three-month period ended March 31, 2022, the
Company directly and indirectly acquired 0.1 million ADRs for a value of US$&nbsp;1.8 million.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS,serif; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>13.2</B></TD><TD STYLE="padding-left: 5pt"><B>Earning per share</B></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Basic earnings per share are calculated by dividing
the result attributable to the Company&#8217;s equity holders by the weighted average of outstanding common shares during the year. Diluted
earnings per share are calculated by adjusting the weighted average of outstanding common shares to reflect the conversion of all dilutive
potential common shares.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Potential common shares will be deemed dilutive
only when their conversion into common shares may reduce the earnings per share or increase losses per share of the continuing business.
Potential common shares will be deemed anti-dilutive when their conversion into common shares may result in an increase in the earnings
per share or a decrease in the losses per share of the continuing operations.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The calculation of diluted earnings per share
does not entail a conversion, the exercise or another issuance of shares which may have an anti-dilutive effect on the losses per share,
or where the option exercise price is higher than the average price of ordinary shares during the period, no dilutive effect is recorded,
being the diluted earning per share equal to the basic. As of March 31, 2022 and 2021, the Company does not hold any significant potential
dilutive shares, therefore there are no differences with the basic earnings per share.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B>&nbsp;</B></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%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><U>NOTE 13:</U></B> (Continuation)</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 18%">03.31.2022</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 18%">03.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Earning for continuing operations attributable to the equity holders of the Company&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,304</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,150</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Weighted average amount of outstanding shares</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,382</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,451</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">Basic and diluted earnings per share from continued operations</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7.46</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2.17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Earnings for discontinued operations attributable to the equity holders of the Company&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Weighted average amount of outstanding shares</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,382</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,451</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Basic and diluted earnings per share from<BR>
&nbsp;discontinued operations</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">0.001</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Earning attributable to the equity holders of the Company&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">10,304</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,152</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Weighted average amount of outstanding shares</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,382</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,451</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Basic and diluted earnings per share</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">7.46</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2.17</TD></TR>
  </TABLE>


<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0">&nbsp;</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%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 14</U>: STATEMENT OF CASH FLOWS&#8217; COMPLEMENTARY INFORMATION</B></P>



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<TD STYLE="width: 2.7pt"></TD><TD STYLE="width: 18.6pt"><B>14.1</B></TD><TD STYLE="padding-left: 5pt"><B>Adjustments to reconcilie net profit to cash flows generated
                                            by operating activities</B></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 54%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 14%">Note</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 15%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 15%">03.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">10.6</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(347)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">715</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Accrued interest</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,333</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,057</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Depreciations and amortizations</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">9, 10.1 and 10.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5,374</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,838</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Share of profit from joint ventures and associates</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">5.2.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,682)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,226)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Results from property, plant and equipment sale and decresease</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">10.4 and 10.3</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">31</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(13)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Result from the sale of other assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">10.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(252)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Impairment of&nbsp;&nbsp;inventories</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">11.1 and 11.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">127</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">103</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Result from measurement at present value</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">10.5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">410</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(139)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Changes in the fair value of financial instruments</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">164</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,310</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Net exchange differences</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">10.5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(241)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(849)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Readjustment of investment plan&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">10.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,011</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Constitution of allowances, net</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Provision for contingecies</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">10.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">53</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,367</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Provision for environmental remediation</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">10.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,317</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Accrual of defined benefit plans</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">9 and 10.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">440</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">280</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Compensation agreements&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">10.1 and 10.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">310</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">100</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">12</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Adjustments to reconcile net profit to cash flows generated by operating activities</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">7,733</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">10,872</TD></TR>
  </TABLE>

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



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    <!-- Field: /Page -->

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

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

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<TD STYLE="width: 2.7pt"></TD><TD STYLE="width: 18.6pt"><B>14.1</B></TD><TD STYLE="padding-left: 5pt"><B>Changes in operating assets and liabilities</B></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; width: 54%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 15%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 15%">03.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase in trade receivables and other receivables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,044)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(353)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase in inventories</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(3,058)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,957)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase in trade payables and other payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">333</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">75</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Decrease in salaries and social security payable&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(895)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(609)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Decrease in defined benefit plans</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(80)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(38)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase in tax payables&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">238</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">610</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Decrease in provisions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(82)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(79)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Income tax paid</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(156)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(69)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Proceeds (Payments) from derivative financial instruments, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">199</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(210)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">Changes in operating assets and liabilities</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(5,545)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(2,630)</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS,serif; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.7pt"></TD><TD STYLE="width: 18.6pt"><B>14.2</B></TD><TD STYLE="padding-left: 5pt"><B>Significant non-cash transactions</B></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white; width: 54%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; width: 14%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 15%">03.31.2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 15%">03.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Acquisition of property, plant and equipment through an increase in trade payables</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(5,272)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,098)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Borrowing costs capitalized in property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(12)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Increase in interests in associates through a decrease in other loans</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,645)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Dividends pending collection</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">598</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 15</U>: CONTINGENT LIABILITIES AND ASSETS</B></P>

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

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0; text-align: justify">The main changes for the three-month period ended March
31, 2022 regarding contingent assets reported in the Consolidated Financial Statements as of December 31, 2021 are detailed below:</P>

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

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0; text-align: justify"><B>Administrative claims </B></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0; text-align: justify">Regarding the Preliminary Administrative Claim against
the National Ministry of Economy to claim the owed amount, plus the applicable interest, assumed by the Federal Government during the
term of validity of PEN Executive Order No. 1,053/18 on account of the exchange difference between the price of the gas purchased by gas
distributors and that recognized in their final tariffs during the April 2018 - March 2019 period, as of the date of issuance of these
consolidated condensed interim financial statements, a judgment was rendered dismissing the amparo on the grounds of undue delay submitted
by the Company seeking that the defendant should state its position in this respect. The Company has filed an appeal against this decision.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 0 17.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTA 16</U>: RELATED PARTIES&acute; TRANSACTIONS</B></P>



<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 10pt 0 5pt 18pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 10pt 0 5pt 18pt; text-indent: -18pt"><B>16.1 Balances with related parties</B></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">As of March 31, 2022</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Trade&nbsp;&nbsp;payables</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Non Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; width: 36%">Associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 15%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 15%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 15%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 15%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">38</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Greenwind</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">37</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">OCP</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">614</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Refinor</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">111</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">125</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">TGS</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">872</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">2,430</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">626</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">941</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Transener</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other related parties</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">SACDE</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">1,159</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">63</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,062</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2,430</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,309</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2,229</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><U>NOTE 16:</U></B> (Continuation)</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">As of December 31, 2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Trade&nbsp;&nbsp;payables</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Non Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white; width: 36%">Associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 15%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 15%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; width: 15%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 15%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">33</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Greenwind</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">38</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">OCP</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">200</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Refinor</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">101</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">187</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">TGS</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">611</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">2,394</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">568</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">311</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Transener</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">25</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other related parties</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">SACDE</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">3</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">1,001</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">57</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">786</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,394</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">830</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,524</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 16:</U></B> (Continuation)</P>



<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 10pt 0 5pt 18pt; text-indent: -18pt"><B>16.2 Operations with related parties</B></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif"><BR>
Operations for the three-month period</TD>
    <TD ROWSPAN="2" STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center"><BR>
Sales of goods <BR>
and services <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP><BR></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Purchases
    of goods <BR>
    and services <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Fees for services <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(3)</SUP></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Other operating (expenses) <BR>
and income, net <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(4)</SUP></FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2022</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2022</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2021</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2022</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2021</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2022</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2021</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white; width: 26%">Associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 9%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">43</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">36</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Greenwind&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">19</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Refinor&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">281</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">166</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,262)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(104)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(12)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">TGS&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,284</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">738</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(997)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(709)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Transener</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(12)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif">Other related parties</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Fundaci&oacute;n</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(27)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white"><SUP>-</SUP></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(18)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">SACDE&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,539)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(557)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Salaverri, Dellatorre, Burgio &amp; Wetzler&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(18)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white"><SUP>-</SUP></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,627</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">955</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(4,801)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(1,382)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(18)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(7)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(24)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(27)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">Corresponds mainly to advisory services provided in relation with technical assistance and sales of gas
and refined products.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Correspond to natural gas transportation services, purchases of refined products
and other services imputed to cost of sales for $ 2.339 million and $ 825 million and infrastructure works contracted to SACDE imputed
in property, plant and equipment for $ 2,462 million and $ 557 million, of which $ 702 million and $ 155 million correspond to fees and
general expenses calculated on the costs incurred by SACDE and/or Pampa to carry the works out for the period three-month ended March
31, 2022 and 2021, respective</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">Disclosed within administrative expenses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 8pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Corresponds mainly to donations.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt/14pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center"><BR>
Operations for the three-month period</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Finance income <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Dividends received&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2022</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2021</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2022</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; text-align: left; width: 37%">Associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 4%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 14%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 14%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 14%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 14%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">OCP</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">844</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">TGS&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">60</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">59</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">60</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">86</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">844</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">Corresponds mainly to financial leases and accrued interest on loans granted.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 17</U>: ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN PESOS</B></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 39%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 7%">Type</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 13%">Amount in currencies other than pesos</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 11%">Exchange rate <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: black 0.5pt solid; text-align: center; width: 13%">Total <BR>
03.31.2022</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: black 0.5pt solid; text-align: center; width: 13%">Total <BR>
12.31.2021</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">ASSETS</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white"></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">NON-CURRENT ASSETS</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Financial assets at amortized cost</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;105.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;11,700</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;10,821</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;21.9</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;2,431</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;2,394</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Total non-current assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;14,131</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;13,215</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; text-align: left; background-color: white"><U></U></TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">CURRENT ASSETS</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;355.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;39,452</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;36,170</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Financial assets at amortized cost</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">5.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">580</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">537</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">1.0</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">114</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;15</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Trade and other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;248.5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;27,586</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;23,540</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;103.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;11,459</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;10,701</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">U$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">3.7</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">2.70</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;10</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;8</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Total current assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;79,201</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;70,971</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Total assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;93,332</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;84,186</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">LIABILITIES</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">NON-CURRENT LIABILITIES</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Provisions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;133.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;14,805</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;13,571</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Borrowings</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">1,354.3</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;150,345</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;139,630</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Other payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;18.6</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;2,069</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;1,339</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle">Total non-current liabilities&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;167,219</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;154,540</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">CURRENT LIABILITIES</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Provisions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">4.8</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">537</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">512</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Taxes payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;0.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;1</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">0.1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;14</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;9</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;1</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Borrowings</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;55.7</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;6,187</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;7,009</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Trade and other payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;117.9</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">111.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;13,091</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;10,746</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">EUR</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">2.1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">123.67</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">256</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">250</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">SEK</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">1.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">11.84</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;15</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;60</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total current liabilities&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;20,101</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;18,588</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">Total liabilities&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;187,320</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;173,128</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Net Position Liability</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;(93,988)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right">&nbsp;(88,942)</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Exchange rate in force at March 31, 2022 according to the National Bank of
Argentine for U.S. dollars (US$), euros (EUR), Swedish crowns (SEK) and Uruguayos pesos (U$). </FONT></TD></TR></TABLE>


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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%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTA 18</U>: TERMINATION OF HYDROELECTRIC CONCESSIONS</B></P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">As the hydroelectric concessions timely granted by the
Federal Government and, in some cases, by the Provinces approach expiration, on March 10, 2022, SE Resolution No. 130/22 was published,
creating a Concessioned Hydroelectric Exploitations Team to evaluate the status of the hydropower concessions under national jurisdiction,
including HIDISA, HINISA, and HPPL.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">This team will be presided over by the Secretary of Energy
(or the person appointed by him) and coordinated by a person with proven experience in the field. It will also be made up of representatives
of the SE, CAMMESA, the ENRE, and IEASA. Furthermore, the Dam Safety Regulatory Body and water management and environmental protection
authorities are invited to appoint a representative in the team.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">The concessions' status report must be submitted within
two years for the HIDISA and HINISA concessions, expiring in 2024, whereas the term for issuing the report for HPPL, which concession
expires in 2029, will be later determined.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">Finally, IEASA is entrusted with the technical audit
of the power generation equipment.</P>

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

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 19</U>: DOCUMENTATION SAFEKEEPING</B></P>

<P STYLE="font: 9pt Georgia,serif; margin: 0 0 0 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">On August 14, 2014, the National Securities Commission
issued General Resolution No.&nbsp;629, which introduced modifications to the provisions applicable to the keeping and conservation of
corporate and accounting books and commercial documentation. To such effect, the Company have sent non-sensitive work papers and information
corresponding to the periods not covered by the statute of limitations for their keeping in the Administraci&oacute;n de Archivos S.A
(AdeA)&#8217;s data warehouse located at Ruta 36, km 34.5, Florencio Varela, Provincia de Buenos Aires and in the Iron Mountain Argentina
S.A.&#8217;s data warehouses located at the following addresses:</P>

<P STYLE="font: 9pt Georgia,serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Azara 1245 &#8211;C.A.B.A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Don Pedro de Mendoza 2163 &#8211;C.A.B.A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Amancio Alcorta 2482 C.A.B.A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">San Miguel de Tucum&aacute;n 601, Carlos Spegazzini, Municipality of Ezeiza, Province of Buenos Aires.</TD></TR></TABLE>

<P STYLE="font: 9pt Georgia,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">A list of the documentation delivered for storage, as
well as the documentation provided for in Article 5.a.3) Section I, Chapter V, Title II of the PROVISIONS (2013 regulatory provisions
and amending rules), is available at the Company headquarters.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</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%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs1q226k_002.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the three-month period ended March 31, 2022, presented in comparative format</B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0"><B><U>NOTE 20</U>: SUBSEQUENT EVENTS</B></P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B>General Ordinary and Extraordinary Shareholders&#8217;
Meeting </B></P>

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

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">On April 27, 2022, the Company&#8217;s General Ordinary
and Extraordinary Shareholders&#8217; Meeting resolved:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">-</TD><TD STYLE="text-align: justify">To approve the allocation of results for the fiscal year ended December 31, 2021, which amounted to a
$&nbsp;27,097 million profit, resolving that: (i) the exchange difference on translation charged to retained earnings should be allocated
$&nbsp;13,032&nbsp;million to the voluntary reserve; (ii) disaffect $485 million from the legal reserve for having exceeded the legal
limit of 20%; and (iii) the balance, that is, the amount of $ 31,907 million, should be allocated to the voluntary reserve.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">-</TD><TD STYLE="text-align: justify">To reduce the capital stock through the cancellation of 2.8 million shares, which is pending registration
with the Public Registry.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">56</P>


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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New (W1); margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 42.55pt">The Company is a fully integrated
power company in Argentina that participates in the electricity, oil and gas value chains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 42.55pt">Through our own activities,
subsidiaries and shareholdings in joint ventures and based on the business nature, customer portfolio and risks involved, we were able
to identify the following reportable business segments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Generation, consisting of our direct and indirect
interests in HINISA, HIDISA, Greenwind, CTB, TMB, TJSM and through our own electricity generation activities through thermal plants G&uuml;emes,
Piedra Buena, Piquirenda, Loma de la Lata, Genelba and Ecoenerg&iacute;a, Pilar, I. White, the Pichi Picun Leufu hydroelectric complex
and Pampa Energ&iacute;a I and II wind farms;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Oil and Gas, consisting of our own interests
in oil and gas areas and through our direct interests in Comercializadora e Inversora S.A.;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Petrochemicals, comprised of our own styrene
operations and the catalytic reformer plant operations conducted in Argentine plants; </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Holding and Other Business, principally consisting
of our interests in joint businesses CITELEC and CIESA and their respective subsidiaries, which hold the concession over the high-voltage
electricity transmission nationwide and over gas transportation in the south of the country, respectively, our interest in associates
OCP and Refinor, holding activities and financial investment transactions; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Distribution of Energy, consisting of our
                                                                                                               direct interest in Edenor until June 30, 2021. As a result of the sale of our controlling interest in Edenor, related results of
                                                                                                               operations were classified within discontinued operations (see Item 4. &#8220;<I>Relevant Events&#8212;Sale of Controlling Stake in
                                                                                                               Edenor</I>&#8221; in the 2021 20-F).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 42.55pt">The Company manages its operating
segments based on its individual net profit.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Three-month period ended March 31, 2022 compared
to the three-month period ended March 31, 2021</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><I>Generation Segment</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New (W1); width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>Generation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 44%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>March 31, 20221</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>Variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">166</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">161</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(84)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(79)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">82</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">82</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Selling expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(100%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other operating income and expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(40%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share of profit from joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operating income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">97</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">91</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finance income</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(17)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(153%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial results, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(89%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">94</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">63</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(16)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(125%)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Profit of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">98</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">47</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">51</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">109%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Owners of the company</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">97</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">47</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">50</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">106%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non - controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">100%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Revenue</I></P>

<P STYLE="font: 10pt Times New (W1); margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenue
from our generation segment increased 3%, to US$166 million in the three-month period ended March 31, 2022, compared to US$161 million in the previous three-month period. This
variation is mainly explained by the increase in the spot energy prices pursuant to SE Resolutions Nos.440/20, 1037/2021 and 238/2022, and higher volumes and prices sold under Energ&iacute;a Plus due to a rise in demand.
These effects were partially offset by the maturity of wholesale power purchase agreement (&ldquo;PPAs&rdquo;) at CTLL&rsquo;s vapor turbine
and CTP, remunerated as spot energy since November 1 and July 15, 2021, respectively.</FONT></P>

<P STYLE="font: 10pt Times New (W1); margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Power generation during the three-month period ended March 31, 2022 increased
by 7% (288 GWh) compared to the three-month period ended March 31, 2021, due to thermal units&rsquo; higher dispatch.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt">The following table shows
net power generation and sales (in GWh) for our power generation plants:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New (W1); width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #2E75B5; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>For the three-month period ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #2E75B5; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>March 31, 2022</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #2E75B5; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>March 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #2E75B5">
    <TD STYLE="width: 28%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: white"><B>in GWh</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 9pt Times New (W1); margin: 0; text-align: center; color: white"><B>Net generation </B></P>
    <P STYLE="font: 9pt Times New (W1); margin: 0; text-align: center; color: white"><B>(In GWh)</B></P></TD>
    <TD STYLE="width: 18%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Installed capacity (In Mw)</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 9pt Times New (W1); margin: 0; text-align: center; color: white"><B>Net generation </B></P>
    <P STYLE="font: 9pt Times New (W1); margin: 0; text-align: center; color: white"><B>(In GWh)</B></P></TD>
    <TD STYLE="width: 17%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Installed capacity (In Mw)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="color: #2F3031">Hydroelectric</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;372 </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;938 </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">384 </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;938 </TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="color: #2F3031">Wind</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">126</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;106 </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">113 </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">106 </TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="color: #2F3031">Thermal</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">4,032</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">4,259 </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;3,745 </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">3,244 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="color: #2F3031"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="color: #2F3031"><B>&nbsp;4,530 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="color: #2F3031"><B>&nbsp;4,303 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="color: #2F3031"><B>&nbsp;4,242 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="color: #2F3031"><B>&nbsp;4,288 </B></FONT></TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 35.4pt; text-align: justify"><I>Cost of Sales&#9;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Cost of sales increased by 6%, to US$84 million for the three-month period ended
March 31, 2022, compared to US$79 million for the three-month period ended March 31, 2021, primarily due to an increase in salaries expenses,
which surpassed the Argentine Peso (&ldquo;AR$&rdquo;) devaluation and expenses for seasonal maintenance works and repairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Gross Profit</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Gross profit from our generation
segment did not vary, amounting to US$82 million for both three-month periods ended March 31, 2022 and 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Moreover, in the three-month
period ended March 31, 2022, the gross margin in relation to sales decreased to 49%, compared to 51% for the three-month period ended
March 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Selling Expenses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Selling expenses from our
generation segment amounted to US$ 1 million for the three-month period ended March 31, 2022, while no charges were recorded for the three-month
period ended March 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Administrative Expenses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Administrative expenses from our generation segment amounted to US$9 million for the three-month
period ended March 31, 2022, compared to US$7 million for the three-month period ended March 31, 2021, mainly explained by higher AR$
denominated expenses above the AR$ devaluation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Other Operating Income
and Expenses Net</I></P>

<P STYLE="font: 10pt Times New (W1); margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
operating income and expenses, net from our generation segment decreased to a US$3 million gain for the three-month period ended March
31, 2022, compared to a US$5 million gain for the three-month period ended March 31, 2021. This variation is mainly due to lower commercial
interest </FONT>due to lower collection delays received from CAMMESA<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><I>Share of profit from
 joint ventures</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">The profit from joint ventures from our generation segment increased to US$22
million for the three-month period ended March 31, 2022, a 100% increase compared to the US$11 million registered for the three-month
period ended March 31, 2021. This increase is mainly explained by higher profits in CTB in the three-month period ended March 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Operating Income</I></P>

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

<P STYLE="font: 10pt Times New (W1); margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating
<FONT STYLE="font-family: Times New Roman, Times, Serif">income from our generation segment increased
by US$6 million (an increase of 7%), recording a gain of US$97 million for the three-month period ended March 31, 2022, compared to a
gain of US$91 million for the three-month period ended March 31, 2021. This variation is mainly attributable to: (i) higher share of profit
from   joint ventures, and (ii) higher revenues from the increase in the spot energy prices </FONT><FONT STYLE="font-family: Times New (W1),serif">and
also in volume demanded and prices under Energy Plus</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">. These effects were
partially offset by the maturity of PPAs, higher AR$-nominated expenses above the AR$ devaluation rate, and lower commercial</FONT> interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">The operating margin in relation
to sales for the three-month period ended March 31, 2022, increased to 58% compared to a 57% operating margin for the three-month period
ended March 31, 2021.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><I>Financial Results, net</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Financial results, net, amounted to a US$3 million loss for the three-month period
ended March 31, 2022, compared to a US$28 million loss for the three-month period ended March 31, 2021. This variation is mainly due to
higher gains from changes in the fair value of financial instruments (US$21 million) and lower losses from exchange differences, net (US$5 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Income Tax</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">The generation segment recorded an income tax benefit of US$4 million for the
three-month period ended March 31, 2022, compared to a charge of US$16 million for the three-month period ended Mach 31, 2021. The variation
is mainly due to the adjustment for inflation effect on the income tax determination, which was partially offset by a higher income before taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><I>Total Profit </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">The generation segment recorded a US$98 million profit for the three-month
period ended March 31, 2022, US$97 million attributable to the owners of the Company, compared to a US$47 million profit for the three-month
period ended March 31, 2021, which were entirely attributable to the owners of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Oil and Gas Segment</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I></I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New (W1); width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>Oil and Gas</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 49%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 3%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>March 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>Variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">137</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">79</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">58</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">73%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(72)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(52)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(20)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">38%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">65</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">38</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">141%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Selling expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(14)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">250%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(14)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">40%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other operating income and expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(33%)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Impairment of financial assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(100%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operating income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finance income</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(24)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(32)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(25%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(43%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial results, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(35)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(52)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(33%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Loss before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(52)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">46</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(88%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(88%)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Loss of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(35)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">31</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(89%)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Revenue</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Revenue <FONT STYLE="font-size: 10pt">from our oil and gas segment amounted to
US$137 million for the three-month period ended March 31, 2022, which was 73% higher than the US$79 million for the three-month period
ended March 31, 2021</FONT><FONT STYLE="font-size: 9pt">. </FONT><FONT STYLE="font-size: 10pt">This variation is mainly explained by a
substantial growth in gas exports (both in volume and price), higher gas demand from industrial segment and oil exports driven by international
reference price, partially offset by lower gas sales to</FONT> CAMMESA.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">The average sale price for gas was US$3.5/MBTU for the three-month period ended
March 31, 2022, 27% higher than US$2.8/MBTU recorded in the three-month period ended March 31, 2021, mainly explained by higher export
prices to Chile and the gradual convergence of the industrial/spot prices to Plan Gas.Ar. The average sale price for oil was US$69/bbl
for the three-month period ended March 31, 2022, 25% higher than average sale price for the three-month period ended March 31, 2021, explained
by the rise of Brent but moderated by local prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt">The following table shows
our production for the oil and gas segment for the periods shown:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New (W1); width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>For the three-month period ended </B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 39%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 29%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="width: 32%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>March 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #A6A6A6">
    <TD STYLE="border-top: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Production</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Oil (k bbl/day)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,1</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,2</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Gas (k m3/day)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total (k boe/day)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>57,5</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>43,8</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #A6A6A6">
    <TD STYLE="border-top: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Sales</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Oil (k bbl/day)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,2</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,2</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Gas (k m3/day)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total (k boe/day)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>58,1</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>43,4</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt">&nbsp;<I>Cost of Sales</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt">The cost of sales from our
oil and gas segment increased by 38%, from US$52 million for the three-month period ended March 31, 2021 to US$72 million for the three-month
period ended March 31, 2022. The variation is mainly due to higher property, plant and equipment depreciation, higher royalty charges
from higher prices and volume sold, increased costs related to higher gas activity (maintenance and contractors), besides higher salaries
expenses above the AR$ devaluation rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Gross Profit</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Gross profit from our oil
and gas segment increased by 141%, from US$27 million in the three-month period ended March 31, 2021, to US$65 million for the three-month
period ended March 31, 2022. This variation is explained by higher sale volumes and the increase in average sale prices. These effects
were partially offset by increased costs, mainly depreciation, royalties and increased costs related to higher gas activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Additionally, the gross margin
on sales increased to 47% in the three-month period ended March 31, 2022, compared to 34% for the three-month period ended March 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Selling Expenses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt">Selling expenses from our oil and gas segment increased to US$14 million for the
three-month period ended March 31, 2022, compared to US$4 million for the same period in 2021 due to increased gas transportation expenses
caused by higher exports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Administrative Expenses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt">Administrative
expenses from our oil and gas segment increased by 40%, amounting to US$14 million for the three-month period ended March 31, 2022,
compared to US$10 million for the three-month period ended March 31, 2021, mainly due to higher salaries expenses above the AR$
devaluation rate.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Other Operating Income
and Expenses, net</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt">Other operating incomes
and expenses, net from our oil and gas segment recorded a loss of US$8 million for the three-month period ended March 31, 2022, compared
to a loss of US$12 million for the three-month period ended March 31, 2021, mainly due to a provision of wells&#8217; plugging was recorded
during the three-month periods ended March 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><I>Operating Income </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt">The operating income from
our oil and gas segment increased to a US$29 million gain for the three-month period ended March 31, 2022, while no operating income was
recorded for the three-month period ended March 31, 2021. The variation is mainly explained by higher sale volumes and prices partially
offset by increased costs and expenses, mainly depreciation, royalties and increased costs related to higher gas activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Financial Results, Net</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt">Financial results, net from
our oil and gas segment amounted to US$35 million loss for the three-month period ended March 31, 2022, compared to US$52 million loss
for the three-month period ended March 31, 2021, mainly due to lower financial interest expenses (US$9 million), and lower losses from
changes in the fair value of financial instruments (US$9 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Income Tax</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Our oil and gas segment recorded
an income tax benefit of US$2 million for the three-month period ended March 31, 2022, compared to an income tax benefit of US$17 million
for the same period in 2021, mainly due to lower losses before income tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Total Loss</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt">Our oil and gas segment
recorded a loss of US$4 million for the three-month period ended March 31, 2022, compared to a loss of US$35 million for the prior three-month
period, both of which are entirely attributable to the owners of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 35.4pt; text-align: justify"><I>Petrochemicals Segment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 35.4pt; text-align: justify"><I></I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New (W1); width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>Petrochemical</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 49%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>March 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>Variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenue</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">126</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">103</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cost of sales</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(116)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(82)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(34)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(52%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Selling expenses</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">33%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Administrative expenses</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operating income </B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(71%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finance costs</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other financial results</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(200%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial results, net</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(100%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(67%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Income tax</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(100%)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Profit of the period</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(55%)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 35.4pt; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Revenue</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Revenue from our petrochemicals
segment amounted to US$126 million for the three-month period ended March 31, 2022, 22% higher than the US$103 million reported for the
three-month period ended March 31, 2021. This variation is mainly due to a substantial improvement in the international reference prices.
This effect was partially offset by lower sale volumes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt">Total sold volumes during
the three-month period ended March 31, 2022, experienced a 7% decrease compared to the three-month period ended March 31, 2021. This variation
is explained by lower exports from reforming plant&#8217;s derived products, polystyrene and synthetic rubber and lower local sale volumes
from styrene, reforming plant&#8217;s derived products and polystyrene.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt">The following table shows
sales volumes in the petrochemicals segment during the specified periods:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New (W1); width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #327EC4">
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: white"><B>Volume sold in k ton</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>For the three-month period ended </B></FONT></TD></TR>
  <TR STYLE="background-color: #327EC4">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>March 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 47%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Styrene &amp; polystyrene</FONT></TD>
    <TD STYLE="width: 27%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></TD>
    <TD STYLE="width: 26%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">SBR</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Others</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">53</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">57</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>91</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>98</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Cost of Sales</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Cost of sales from our petrochemicals
segment increased by 41%, to US$116 million for the three-month period ended March 31, 2022, compared to US$82 million for the three-month
period ended March 31, 2021. This variation is mainly due to higher raw material costs, explained by an increase in international reference
prices for all products (US$29 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><I>Gross Profit</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Our petrochemical segment
recorded a profit of US$10 million for the three-month period ended March 31, 2022, compared to a US$21 million profit for the same period
in 2021, mainly due to higher raw material costs, explained by an increase in international reference prices for all products and lower
volume sales. This effect was partially offset by the increase in international reference sale prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">The gross margin on sales reached 8% for the three-month period ended March
31, 2022, compared to 20% for the three-month period ended March 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Selling Expenses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Selling expenses from our
petrochemicals segment did not vary significantly, amounting to US$4 million for the three-month period ended March 31, 2022, compared
to US$3 million for the three-month period ended March 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Administrative Expenses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Administrative expenses from
our petrochemicals segment did not vary, amounting to US$1 million for both three-month period ended March 31, 2022 and 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Operating Income</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">The operating income from
our petrochemicals segment decreased to US$5 million for the three-month period ended March 31, 2022, compared to US$17 million for the
three-month period ended March 31, 2021. This variation is mainly due to a lower gross profit explained above.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Financial Results, Net</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Our petrochemicals segment
did not record financial results for the three-month period ended March 31, 2022, compared to US$2 million loss for the three-month period
ended March 31, 2021. The variation is due to losses from changes in the fair value of financial instruments recorded in 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Income Tax</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Our petrochemicals segment
did not record income tax for the three-month period ended March 31, 2022, compared to the US$4 million charge for the three-month period
ended March 31, 2021 mainly as a result of the decrease in profits before tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Total profit</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt">The petrochemicals segment
recorded a profit of US$5 million for the three-month period ended March 31, 2022, compared to a profit of US$11 million for the three-month
period ended March 31, 2021, both of which are entirely attributable to the owners of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Holding and Others Segment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I></I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New (W1); width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>Holding and other</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 50%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>March 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>Variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: white"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenue</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Administrative expenses</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">60%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other operating income and expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(107%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share of profit from joint ventures and associates</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(80%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Impairment of financial assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operating income </B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finance income</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finance costs</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other financial results</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(100%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial results, net</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(100%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(14)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(88%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Income tax</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(80%)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Profit of the period</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(91%)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>&nbsp;Revenue and
gross profit. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Revenue from our holding
and others segment experienced no significant variations, recording US$7 million and US$6 million in the three-month periods ended on
March 31, 2022 and 2021, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 60pt">Therefore, gross profits
from this segment did not suffer any significant variations, recording US$7 million and US$6 million for three-month periods 2022 and
2021, respectively.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Administrative Expenses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Administrative expenses from our holding and others segment increased to US$8 million
for the three-month period ended March 31, 2022, compared to US$5 million for the three-month period ended March 31, 2021, mainly an increase
in due salaries expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Other Operating Income
and Expenses, Net</I></P>

<P STYLE="font: 10pt Times New (W1); margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
operating income and expenses, net from our holding and others segment recorded a gain of US$1&nbsp;million for the three-month period
ended March 31, 2022, compared to the US$15 million loss for the three-month period ended March 31, 2021. The variation is mainly due
to provisions for contingencies charges (US$14&nbsp;million) recorded in 2021</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><I>Share of profit from joint
ventures and associates</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">The profit from joint ventures
from our holding and others segment amounted to US$3 million for the three-month period ended March 31, 2022, compared to US$15 million
for the three-month period ended March 31, 2021. This variation is mainly explained by lower profits from Refinor and OCP, partially offset
by higher profits in CIESA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 35.4pt; text-align: justify; text-indent: 0.6pt"><I>Operating
Income</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Operating income from our
holding and others segment did not vary significantly, amounting to US$2 million for the three-month period ended March 31, 2022, compared
to US$1 million for the three-month period ended March 31, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Financial Results, Net</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Our holding and others segment
did not record financial results for the three-month period ended March 31, 2022, compared to US$15 million gain for the three-month period
ended March 31, 2021. This variation is mainly due to lower net exchange difference gains (US$15 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Income Tax</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">Our holding and others segment
recorded a lower income tax charge of US$1 million for the three-month period ended March 31, 2022, compared to a tax charge of US$5 million
for the three-month period ended March 31, 2021, mainly due to a decrease in the income before tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><I>Total Profit </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt">Our holding and others
segment recorded a profit of US$1 million profit for the three-month period ended March 31, 2022, compared to a total profit of US$11
million for the three-month period ended March 31, 2021, both of which are entirely attributable to the owners of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><I>Distribution of Energy
Segment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt">The results corresponding
to the distribution of energy segment for the three-month period ended March 31, 2021 have been classified as discontinued operations
as a result of the sale of our controlling stake in Edenor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">The distribution of energy segment
recorded a total profit of US$5 million for discontinued operations during the three-month period ended March 31, 2021, of which a US$1
million loss was attributable to the owners of the Company.</P>

<P STYLE="font: 10pt Times New (W1); margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New (W1); margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New (W1); margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New (W1); margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New (W1); margin: 0"><I>&nbsp;</I></P>



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

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