<SEC-DOCUMENT>0001292814-22-004321.txt : 20221107
<SEC-HEADER>0001292814-22-004321.hdr.sgml : 20221107
<ACCEPTANCE-DATETIME>20221107170121
ACCESSION NUMBER:		0001292814-22-004321
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20220930
FILED AS OF DATE:		20221107
DATE AS OF CHANGE:		20221107

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:		221366288

	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>pampr3q22_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>For the month of&nbsp;November,
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">This Form 6-K
for Pampa Energ&iacute;a S.A. (&ldquo;Pampa&rdquo; or the &ldquo;Company&rdquo;) contains:</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="word-spacing: 0px; background-color: white"><B>Exhibit
1: </B></FONT> <A HREF="ex99-1.htm">Earnings release 3Q22</A></P>


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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Date:&nbsp;November 7, 2022</P>

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

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

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

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

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

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

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

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 12pt; text-align: center"><IMG SRC="pampr3q226k_005.jpg" ALT="">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="border: rgb(50,101,255) 1pt solid">
    <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: justify; color: #006FC0">Pampa Energ&iacute;a, an independent
company with active participation in Argentina&rsquo;s electricity and gas value chain, announces the results for the nine-month period
and quarter ended on September 30, 2022.&nbsp;</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="text-align: right; margin: 0; font: 9pt Verdana, Helvetica, Sans-Serif; color: #5F6062">Buenos Aires, November 7, 2022&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="14" STYLE="text-align: left; background-color: rgb(242,242,242); font-size: 8pt; vertical-align: top"><P STYLE="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt 5.65pt; color: #0070C0">&nbsp;</P>
                                                                                                                       <P STYLE="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt 5.65pt; color: #0070C0">Stock information</P>
<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062"><IMG SRC="pampr3q226k_003.jpg" ALT="">&nbsp;</P>

<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: bold 8pt/110% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Share capital net of repurchases
and reductions<BR>
as of November 4, 2022<FONT STYLE="font-weight: normal"><BR>
1,383.6 million common shares/<BR>
55.3 million ADS</FONT></P>
<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Market capitalization: <FONT STYLE="font-weight: normal"><BR>
AR$437.9 billion/US$1,434 million&nbsp;</FONT></P>

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


<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062"><FONT STYLE="font-weight: normal"></FONT></P>

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

<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt"><FONT STYLE="color: #5F6062">Access link:</FONT> <FONT STYLE="font-weight: normal; color: #00B0F0"></FONT></P>
<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt"><FONT STYLE="font-weight: normal; color: #00B0F0">bit.ly/Pampa3Q2022VC</FONT></P>

<P STYLE="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 0 5.65pt; color: #0070C0">For further information about Pampa&nbsp;</P>
<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062"></P>
<P STYLE="font: 7pt Trebuchet MS,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Symbol; font-size: 10pt; font-weight: normal; color: #00B0F0">&middot;
</font><font style="font-family: Verdana,sans-serif; font-size: 8pt; font-weight: normal; color: #5F6062">Email:</font></p>
<P STYLE="font: 7pt Trebuchet MS,sans-serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0%; text-indent: 2%"><font style="font: normal 8pt Verdana,sans-serif; color: #5F6062"></font><font style="font-family: Verdana,sans-serif; font-size: 8pt; font-weight: normal; color: #00B0F0">investor@pampaenergia.com</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Symbol; color: #00B0F0">&middot;
</font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062">Website for investors:</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"></font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #00B0F0">ri.pampaenergia.com/en</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Symbol; color: #00B0F0">&middot;
</font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062">Argentina&rsquo;s Securities and Exchange Commission:</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"></font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #00B0F0">www.argentina.gob.ar/cnv</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Symbol; color: #00B0F0">&middot;
</font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062">Securities and Exchange Commission:</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"></font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #00B0F0">sec.gov</font></p>
</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-size: 8pt"><P STYLE="color: #0081C5; font: 10pt Verdana, Helvetica, Sans-Serif; margin: 8pt 0; text-align: justify"><A NAME="a_001"></A><B>Basis
of presentation</B></P>

<P STYLE="color: #5F5F61; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pampa&rsquo;s
financial information adopts US$ as functional currency, expressed in AR$ at transactional FX. However, our affiliates, Transener and
TGS, report in local currency. Hence, their figures are adjusted by inflation as of September 30, 2022, except for previous periods already
reported.</P>

<P STYLE="color: #0081C6; font: 10pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify"><B><A NAME="a_002"></A>Main results from the
quarter<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"><SUP>[1]</SUP></FONT></B></P>

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: #00B0F0"><B>17% year-on-year
increase in sales, recording US$507 million<SUP>[2]</SUP> in Q3 22, </B></FONT><FONT STYLE="color: #5F6062">explained by natural gas peak
seasonality and higher prices in petrochemicals, Energ&iacute;a Plus and legacy energy, partially offset by the end of PPAs at CTLL&rsquo;s
ST and CTP.</FONT></P>



<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP></SUP></P>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: #00B0F0"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: #00B0F0"><B>Outstanding
operating performance in natural gas and oil production </B></FONT><FONT STYLE="color: #5F6062">(+20% and +14% year-on-year, respectively).</FONT></P>


<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="color: #5F6062">&nbsp;</FONT></P>
</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; text-align: left; background-color: #1A458C">Pampa's main operational KPIs</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: #1A458C">Q3 22</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: #1A458C">Q3 21</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: center; background-color: #1A458C">Variation</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">Power</TD>
    <TD STYLE="color: #4F5150">Generation (GWh)</TD>
    <TD STYLE="color: #5F6062; text-align: right">3,767</TD>
    <TD STYLE="color: #5F6062; text-align: right">4,512</TD>
    <TD STYLE="font-style: italic; text-align: center">-17%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150">Gross margin (US$/MWh)</TD>
    <TD STYLE="color: #5F6062; text-align: right">24.2</TD>
    <TD STYLE="color: #5F6062; text-align: right">31.0</TD>
    <TD STYLE="font-style: italic; text-align: center">-22%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">Hydrocarbon</TD>
    <TD STYLE="color: #4F5150">Production (k boe/day)</TD>
    <TD STYLE="color: #5F6062; text-align: right">68,5</TD>
    <TD STYLE="color: #5F6062; text-align: right">57,4</TD>
    <TD STYLE="font-style: italic; text-align: center">+19%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150">Gas over total production</TD>
    <TD STYLE="color: #5F6062; text-align: right">92%</TD>
    <TD STYLE="color: #5F6062; text-align: right">92%</TD>
    <TD STYLE="font-style: italic; text-align: center">+0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150">Average gas price (US$/MBTU)</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.4</TD>
    <TD STYLE="font-style: italic; text-align: center">+9%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150">Average oil price (US$/bbl)</TD>
    <TD STYLE="color: #5F6062; text-align: right">70.2</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.6</TD>
    <TD STYLE="font-style: italic; text-align: center">+14%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">Petrochemicals</TD>
    <TD STYLE="color: #4F5150">Volume sold (k ton)</TD>
    <TD STYLE="color: #5F6062; text-align: right">120</TD>
    <TD STYLE="color: #5F6062; text-align: right">129</TD>
    <TD STYLE="font-style: italic; text-align: center">-7%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150">Average price (US$/ton)</TD>
    <TD STYLE="color: #5F6062; text-align: right">1,496</TD>
    <TD STYLE="color: #5F6062; text-align: right">1,118</TD>
    <TD STYLE="font-style: italic; text-align: center">+34%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #5F6062 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #5F6062 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #5F6062 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #5F6062 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-size: 8pt; border-top: #5F6062 1pt solid"><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 10pt 0 8pt; text-align: justify"><FONT STYLE="color: #00B0F0"><B></B></FONT></P>



<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: #00B0F0"><B>5% year-on-year
decrease in the adjusted EBITDA<SUP>[3]</SUP>, recording US$246 million in Q3 22</B></FONT><FONT STYLE="color: #5F6062">, explained by
power generation (-US$36 million) and holding and others (-US$4 million), offset by oil and gas (+US$14 million), and petrochemicals (+US$12
million). </FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: #00B0F0"><B>Profit attributable
to the Company&rsquo;s shareholders of US$176 million</B></FONT><FONT STYLE="color: #5F6062">, 35% higher than Q3 21, mainly due to operating
performance plus higher gains from holding financial securities and depreciation over the passive monetary position in AR$, offset by
higher income tax charge.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: #00AFEF"><B>Net debt slightly
grew to US$927 million</B></FONT><FONT STYLE="color: #5F6062">, with a net leverage ratio of 1.3x.&nbsp;</FONT></P>

</TD></TR>
  </TABLE>




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





<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[1]</SUP> The information
is based on FS prepared according to IFRS in force in Argentina. Only continuing operations are considered.</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[2]</SUP> It does not include
sales from the affiliates CTBSA, Transener and TGS, which at our ownership account for US$47 million. Greenwind was an affiliate until
August 12, 2022, when Pampa fully owned the company and began to consolidate in FS. Under IFRS, affiliates are not consolidated in Pampa,
thus shown as &lsquo;Results for participation in joint businesses and associates.&rsquo;</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[3]</SUP> Consolidated adjusted
EBITDA represents the results before financial results, income tax, depreciations and amortizations, extraordinary and non-cash income
and expense, equity income and other adjustments from the IFRS implementation, and includes affiliates&rsquo; EBITDA at our ownership.
For further information, see section 3 of this Earnings release.</P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: right; width: 98%">Pampa Energ&iacute;a &#9679; Earnings release Q3 22 &#9679;</TD><TD STYLE="width: 2%; text-align: right"><P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0; color: #5F6062"></P><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; color: #5F6062; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 90%; text-align: left"><A HREF="#a_001">Basis of presentation</A></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: right; width: 5%">&#9;1</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; color: #5F6062; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 90%; text-align: left"><A HREF="#a_002">Main results from the quarter</A></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: right; width: 5%">&#9;1</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 28.35pt; text-align: left">1.</TD><TD STYLE="text-align: justify"><A HREF="#a_003">Relevant events&#9;</A></TD>
                                                    <TD STYLE="text-align: right">3</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">1.1</TD><TD><A HREF="#a_004">Plan Gas.Ar: Time extension and new call for tender</A>&#9;</TD>
                                                                   <TD STYLE="text-align: right">3</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">1.2</TD><TD><A HREF="#a_005">Acquisitions and divestments</A>&#9;</TD>
                                                                   <TD STYLE="text-align: right">3</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">1.3</TD><TD><A HREF="#a_006">Transener and Transba: public hearing for tariff increase</A></TD>
                                                                   <TD STYLE="text-align: right">3</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">1.4</TD><TD><A HREF="#a_007">Share capital reduction</A>&#9;</TD>
                                                                   <TD STYLE="text-align: right">3</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 28.35pt; text-align: left">2.</TD><TD STYLE="text-align: justify"><A HREF="#a_008">Financial highlights&#9;</A></TD>
                                                    <TD STYLE="text-align: right">4</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">2.1</TD><TD><A HREF="#a_009">Consolidated balance sheet&#9;</A></TD>
                                                                   <TD STYLE="text-align: right">4</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">2.2</TD><TD><A HREF="#a_010">Consolidated income statement&#9;</A></TD>
                                                                   <TD STYLE="text-align: right">5</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">2.3</TD><TD><A HREF="#a_011">Cash and financial borrowings&#9;</A></TD>
                                                                   <TD STYLE="text-align: right">6</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 28.35pt; text-align: left">3.</TD><TD STYLE="text-align: justify"><A HREF="#a_012">Analysis of the Q3 22 results&#9;</A></TD>
                                                    <TD STYLE="text-align: right">8</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.1</TD><TD><A HREF="#a_013">Reconciliation of consolidated adjusted EBITDA&#9;</A></TD>
                                                                   <TD STYLE="text-align: right">8</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.2</TD><TD><A HREF="#a_014">Analysis of the power generation segment&#9;</A></TD>
                                                                   <TD STYLE="text-align: right">9</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.3</TD><TD><A HREF="#a_015">Analysis of the oil and gas segment&#9;</A></TD>
                                                                   <TD STYLE="text-align: right">11</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.4</TD><TD><A HREF="#a_016">Analysis of the petrochemical segment&#9;</A></TD>
                                                                   <TD STYLE="text-align: right">13</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.5</TD><TD><A HREF="#a_017">Analysis of the holding and others segment&#9;</A></TD>
                                                                   <TD STYLE="text-align: right">15</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.6</TD><TD><A HREF="#a_018">Analysis of the nine-month period, by subsidiary&#9;</A></TD>
                                                                   <TD STYLE="text-align: right">16</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.7</TD><TD><A HREF="#a_019">Analysis of the quarter, by subsidiary and segment&#9;</A></TD>
                                                                   <TD STYLE="text-align: right">17</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 28.35pt; text-align: left">4.</TD><TD STYLE="text-align: justify"><A HREF="#a_020">Appendix</A>&#9;</TD>
                                                    <TD STYLE="text-align: right">2</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">4.1</TD><TD><A HREF="#a_021">Power generation&rsquo;s main operational KPIs&#9;</A></TD>
                                                                   <TD STYLE="text-align: right">2</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">4.2</TD><TD><A HREF="#a_022">Oil and gas production in the main areas&#9;</A></TD>
                                                                   <TD STYLE="text-align: right">3</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 28.35pt; text-align: left">5.</TD><TD STYLE="text-align: justify"><A HREF="#a_023">Glossary of terms&#9;</A></TD>
                                                    <TD STYLE="text-align: right">3</TD>
</TR></TABLE>

<P STYLE="text-align: right; font: 11pt/107% Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt"><BR STYLE="clear: both">
&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: right; width: 98%">Pampa Energ&iacute;a &#9679; Earnings release Q3 22 &#9679;</TD><TD STYLE="width: 2%; text-align: right"><P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0; color: #5F6062"></P><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS, Times, Serif; margin-top: 12pt; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_003"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Relevant events</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><A NAME="a_004"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>1.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Plan Gas.Ar: Time extension
and new call for tender</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">The Government
issued Executive Order No. 730/22 on November 4, 2022, which extends Plan Gas.Ar until December 31, 2028, among other measures. The extension
aims to consolidate the baseline production volume of 70 million m<SUP>3</SUP>/day awarded in the previous Plan Gas.Ar&rsquo;s rounds
and tender additional volume to tap the new transportation capacity.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Moreover,
the Executive Order allows producers to export on ToP even in winter, ranking first those with the most competitive prices and/or largest
volume under Plan Gas.Ar, once the domestic market is fulfilled. However, the volume exported by each producer should not exceed 30% of
the national authorized export quota or 50% of the committed delivery under Plan Gas.Ar.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Finally,
the Government&rsquo;s provisional compensation payment increases from 75% to 85%, and during excess supply, the delivery volume prioritizes
older rounds with the most competitive price.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><A NAME="a_005"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>1.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Acquisitions and divestments</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #20396D"><B><I>Acquisition of 50% of
Greenwind &ndash; change of control</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On August
12, 2022, the Pampa Group acquired from its former business partner the indirect stake in Greenwind (representing 50% of its capital stock
and votes) for an amount of US$20.5 million. Therefore, the Pampa Group holds full ownership of Greenwind.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Greenwind&rsquo;s
sole asset is PEMC, a wind farm with an installed capacity of 100 MW and a PPA with CAMMESA under RenovAr for 20 years from its commissioning
on June 8, 2018. As of June 30, 2022, the net debt of Greenwind amounts to US$65 million.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Sale of Refinor&rsquo;s
stake</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On September
15, 2022, Pampa signed an agreement with Hidrocarburos del Norte S.A. to sell its Refinor&rsquo;s &lsquo;class A&rsquo; shares, representing
28.5% of its share capital, for a price of US$5.7 million.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On October
14, 2022, the Company transferred the mentioned shares fulfilling the signed contract. As a result, Pampa received US$1.7 million and
a pending payment of US$4 million, financed at an 8% annual rate for one year as from the date of sale.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_006"></A>1.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Transener and Transba: public
hearing for tariff increase</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 24pt; text-align: justify; text-indent: 0.5in; color: #5F6062">On October
21, 2022, the ENRE called the power transmission utilities, including Transener and Transba, to a public hearing on November 30, 2022,
to present the proposals for a transition tariff increase (ENRE Res. No. 539/22).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><A NAME="a_007"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>1.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Share capital reduction</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 24pt; text-align: justify; text-indent: 35.3pt; color: #5F6062">On
October 17, 2022, 2.8 million shares (equivalent to 0.1 million ADR) were canceled, which was previously approved by the shareholders&rsquo;
meeting on April 27, 2022.<BR STYLE="clear: both">
<BR STYLE="clear: both"></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS, Times, Serif; margin-top: 12pt; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_008"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Financial highlights</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_009"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>2.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Consolidated balance sheet</B></FONT></TD></TR></TABLE>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; text-align: left">Figures in million</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">As of 9.30.2022</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">As of 12.31.2021</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">AR$</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">US$ FX 147,32</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">AR$</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">US$ FX 102,72</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left; width: 54%">ASSETS</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Property, plant and equipment</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">282,322</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,916</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">170,390</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,659</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Intangible assets</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">11,028</TD>
    <TD STYLE="color: #4F5150; text-align: right">75</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3,956</TD>
    <TD STYLE="color: #4F5150; text-align: right">39</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Right-of-use assets</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,207</TD>
    <TD STYLE="color: #4F5150; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,231</TD>
    <TD STYLE="color: #4F5150; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Deferred tax asset</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">34,719</TD>
    <TD STYLE="color: #4F5150; text-align: right">236</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">8,675</TD>
    <TD STYLE="color: #4F5150; text-align: right">84</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Investments in joint ventures and associates</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">134,244</TD>
    <TD STYLE="color: #4F5150; text-align: right">911</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">79,500</TD>
    <TD STYLE="color: #4F5150; text-align: right">774</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at amortized cost</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">14,960</TD>
    <TD STYLE="color: #4F5150; text-align: right">102</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">10,821</TD>
    <TD STYLE="color: #4F5150; text-align: right">105</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">4,299</TD>
    <TD STYLE="color: #4F5150; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,998</TD>
    <TD STYLE="color: #4F5150; text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Other assets</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">79</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other receivables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3,540</TD>
    <TD STYLE="color: #4F5150; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3,379</TD>
    <TD STYLE="color: #4F5150; text-align: right">33</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total non-current assets</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">486,398</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,302</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">281,011</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,736</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Inventories</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">24,802</TD>
    <TD STYLE="color: #4F5150; text-align: right">168</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">15,888</TD>
    <TD STYLE="color: #4F5150; text-align: right">155</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at amortized cost</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,899</TD>
    <TD STYLE="color: #4F5150; text-align: right">13</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">537</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">84,731</TD>
    <TD STYLE="color: #4F5150; text-align: right">575</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">47,026</TD>
    <TD STYLE="color: #4F5150; text-align: right">458</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">177</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other receivables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">67,816</TD>
    <TD STYLE="color: #4F5150; text-align: right">460</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">40,892</TD>
    <TD STYLE="color: #4F5150; text-align: right">398</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">14,259</TD>
    <TD STYLE="color: #4F5150; text-align: right">97</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">11,283</TD>
    <TD STYLE="color: #4F5150; text-align: right">110</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total current assets</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">193,684</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,315</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">115,642</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,126</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Assets classified as held for sale</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,816</TD>
    <TD STYLE="color: #4F5150; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total assets</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">681,898</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">4,629</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">396,653</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">3,861</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">EQUITY</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Equity attributable to owners of the company</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">322,664</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,190</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">183,431</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,786</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Non-controlling interest</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,217</TD>
    <TD STYLE="color: #4F5150; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">609</TD>
    <TD STYLE="color: #4F5150; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total equity</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">323,881</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,198</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">184,040</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">1,792</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">LIABILITIES</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Investments in joint ventures</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">386</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Provisions</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">21,065</TD>
    <TD STYLE="color: #4F5150; text-align: right">143</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">14,444</TD>
    <TD STYLE="color: #4F5150; text-align: right">141</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Income tax and presumed minimum income tax liabilities</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">47,823</TD>
    <TD STYLE="color: #4F5150; text-align: right">325</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">19,287</TD>
    <TD STYLE="color: #4F5150; text-align: right">188</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Deferred tax liabilities</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">7,636</TD>
    <TD STYLE="color: #4F5150; text-align: right">52</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Defined benefit plans</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3,597</TD>
    <TD STYLE="color: #4F5150; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,419</TD>
    <TD STYLE="color: #4F5150; text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Borrowings</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">195,733</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,329</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">139,630</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,359</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other payables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,648</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,340</TD>
    <TD STYLE="color: #4F5150; text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total non-current liabilities</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">278,502</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,890</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">177,506</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,728</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Provisions</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">656</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">560</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Income tax liabilities</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">34</TD>
    <TD STYLE="color: #4F5150; text-align: right">0</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,098</TD>
    <TD STYLE="color: #4F5150; text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Taxes payables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">5,668</TD>
    <TD STYLE="color: #4F5150; text-align: right">38</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,314</TD>
    <TD STYLE="color: #4F5150; text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Defined benefit plans</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">395</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">515</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">4,018</TD>
    <TD STYLE="color: #4F5150; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,876</TD>
    <TD STYLE="color: #4F5150; text-align: right">28</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Borrowings</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">41,788</TD>
    <TD STYLE="color: #4F5150; text-align: right">284</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">8,165</TD>
    <TD STYLE="color: #4F5150; text-align: right">79</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other payables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">26,956</TD>
    <TD STYLE="color: #4F5150; text-align: right">183</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">18,561</TD>
    <TD STYLE="color: #4F5150; text-align: right">181</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total current liabilities</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">79,515</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">540</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">35,107</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">342</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">358,017</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,430</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">212,613</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,070</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total liabilities and equity</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">681,898</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">4,629</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">396,653</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">3,861</TD></TR>
  </TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_010"></A>2.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Consolidated income statement</B></FONT></TD></TR></TABLE>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-right: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Nine-month period</TD>
    <TD STYLE="color: white; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-right: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Third quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-right: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left; border-top-color: #1A458C; border-top-width: 0.5pt">Figures in million</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">2022</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-right: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">2021</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">2022</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-right: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">2021</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-right: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left; border-top-color: #1A458C; border-top-width: 0.5pt; width: 40%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 7%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 7%">US$</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 7%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 7%">US$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 7%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 7%">US$</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 7%">AR$</TD>
    <TD STYLE="color: white; border-right: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 7%">US$</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Sales revenue</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">168,748</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1,381</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">103,740</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1,102</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">69,225</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">507</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">42,529</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">435</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #4F5150; font-style: italic; vertical-align: middle; text-align: left">Local market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">136,862</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">1,114</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">88,575</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">942</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">58,154</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">426</TD>
    <TD STYLE="color: red; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">35,135</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">359</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #4F5150; font-style: italic; vertical-align: middle; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">31,886</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">267</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">15,165</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">160</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">11,071</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">81</TD>
    <TD STYLE="color: red; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">7,394</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">76</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Cost of sales</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(104,797)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(865)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(62,652)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(666)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(43,538)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(322)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(27,309)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(280)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">63,951</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">516</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">41,088</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">436</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">25,687</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">185</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">15,220</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">155</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Selling expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(4,945)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(41)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1,752)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(18)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1,587)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(11)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(669)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(6)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Administrative expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(12,389)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(101)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(6,301)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(67)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(5,063)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(38)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(2,258)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(23)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Exploration expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(23)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(50)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Other operating income</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">10,345</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">79</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">8,864</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">92</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">5,988</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">43</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">4,018</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">42</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Other operating expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(4,209)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(33)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(4,623)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(50)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1,577)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(10)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(792)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(8)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(672)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(229)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(153)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(33)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Impairment of PPE, int. assets &amp; inventories</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(4,260)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(34)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(172)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">124</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Results for part. in joint businesses &amp; associates</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">13,610</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">8,131</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">85</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">6,749</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">43</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">5,030</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">51</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">61,408</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">481</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">44,956</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">473</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">30,160</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">212</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">20,510</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">210</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Financial income</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">597</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">619</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">147</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">282</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Financial costs</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(18,127)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(148)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(14,128)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(151)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(9,333)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(70)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(6,287)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(65)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Other financial results</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">4,108</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">2,813</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">8,278</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">68</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(118)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(13,422)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(109)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(10,696)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(115)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(908)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="color: red; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(6,123)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(61)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">47,986</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">372</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">34,260</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">358</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">29,252</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">211</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">14,387</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">149</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Income tax</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(5,224)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(26)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(7,786)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(83)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(5,195)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(32)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1,680)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(19)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Net income for continuing operations</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">42,762</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">346</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">26,474</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">275</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">24,057</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">179</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">12,707</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">130</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Net income (loss) from discontinued operations</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(7,129)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(75)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Net income (loss) for the period</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">42,762</TD>
    <TD STYLE="font-weight: bold; text-align: right">346</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">19,345</TD>
    <TD STYLE="font-weight: bold; text-align: right">200</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">24,057</TD>
    <TD STYLE="font-weight: bold; text-align: right">179</TD>
    <TD STYLE="color: red; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">12,707</TD>
    <TD STYLE="font-weight: bold; text-align: right">130</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Attributable to the owners of the Company</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">42,448</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">343</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">22,577</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">234</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">23,979</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">178</TD>
    <TD STYLE="color: red; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">12,804</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">131</TD></TR>
  <TR>
    <TD STYLE="padding-left: 24px; font-style: italic; vertical-align: middle; text-align: left">Continuing operations</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">42,448</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">343</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">26,303</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">273</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">23,979</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">178</TD>
    <TD STYLE="color: red; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">12,804</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">131</TD></TR>
  <TR>
    <TD STYLE="padding-left: 24px; font-style: italic; vertical-align: middle; text-align: left">Discontinued operations</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">(3,726)</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">(39)</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: red; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Attributable to the non-controlling interests</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">314</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(3,232)</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(34)</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">78</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: red; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(97)</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: red; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Net income (loss) per share to shareholders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">30.74</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.25</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">15.98</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.17</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">17.38</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.13</TD>
    <TD STYLE="color: red; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">9.26</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.09</TD></TR>
  <TR>
    <TD STYLE="padding-left: 24px; font-style: italic; vertical-align: middle; text-align: left">From continuing operations</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">30.74</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">0.25</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">18.62</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">0.19</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">17.38</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">0.13</TD>
    <TD STYLE="color: red; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">9.26</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">0.09</TD></TR>
  <TR>
    <TD STYLE="padding-left: 24px; font-style: italic; vertical-align: middle; text-align: left">From discontinued operations</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">(2.64)</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">(0.03)</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: red; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Net income (loss) per ADR to shareholders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">768.43</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">6.21</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">399.45</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">4.14</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">434.40</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">3.23</TD>
    <TD STYLE="color: red; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">231.45</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">2.36</TD></TR>
  <TR>
    <TD STYLE="padding-left: 24px; font-style: italic; vertical-align: middle; text-align: left">From continuing operations</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">768.43</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">6.21</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">465.38</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">4.82</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">434.40</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">3.23</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">231.45</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">2.36</TD></TR>
  <TR>
    <TD STYLE="padding-left: 24px; font-style: italic; vertical-align: middle; text-align: left">From discontinued operations</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">(65.92)</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">(0.68)</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Average outstanding common shares<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-weight: 700"><I><SUP>1</SUP></I></FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,381</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,381</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,413</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,413</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,380</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,380</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,383</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,383.0</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: left">Outstanding shares by the end of period<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-weight: 700"><I><SUP>1</SUP></I></FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,380</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,380</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,382</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,382</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,380</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,380</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,382</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,382.0</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white">&nbsp;</FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 23.85pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>: <B>1</B>
It includes shares from the Employee stock-based compensation plan, which as of September 30, 2022 and 2021 amounted to 3.9 million common
shares.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_011"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>2.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Cash and financial borrowings</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="3" STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white">As of September 30, 2022,<BR>
in US$ million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Cash<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Financial debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Net debt</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white">Consolidated <BR>
in FS</FONT></TD>
    <TD ROWSPAN="2" STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white">Ownership adjusted</FONT></TD>
    <TD ROWSPAN="2" STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white">Consolidated <BR>
in FS</FONT></TD>
    <TD ROWSPAN="2" STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white">Ownership adjusted</FONT></TD>
    <TD ROWSPAN="2" STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Consolidated <BR>
in FS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Ownership adjusted</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 30%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">Power generation</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">566</FONT></TD>
    <TD STYLE="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">563</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">649</FONT></TD>
    <TD STYLE="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">649</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>82</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>86</B></FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">Petrochemicals</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>-</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">Holding and others</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">1</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>(1)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>(1)</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">Oil and gas</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">118</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">118</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">963</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">963</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>846</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>846</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</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: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>Total under IFRS/Restricted Group</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>685</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: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>681</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,612</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: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,612</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>927</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: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>931</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">Affiliates at O/S<SUP>2</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">103</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">103</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">291</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">291</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>188</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>188</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</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: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>Total with affiliates</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>788</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: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>784</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,904</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: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,904</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,115</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: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,119</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 1pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 23.85pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>: Financial
debt includes accrued interest. <B>1</B> It includes cash and cash equivalents, financial assets at fair value with changing results,
and investments at amortized cost. <B>2</B> Under IFRS, the affiliates CTBSA, Transener and TGS are not consolidated in Pampa.</P>

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">Pampa&rsquo;s
financial debt at the consolidated level under IFRS slightly increased to US$1,612 million as of September 30, 2022 (+12% vs. the end
of 2021). However, net debt only increased by 7%, reaching US$927 million. The average interest rate for US$-bearing indebtedness was
8.3%, in which 84.5% of the Company&rsquo;s gross debt is denominated, mainly at a fixed rate. AR$ indebtedness&rsquo;s average interest
rate was 65.1%. Pampa&rsquo;s consolidated financial debt averaged 3.7 years.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #5F6062">The
chart below shows the principal maturity profile, net of repurchases, in US$ million by the end of Q3 22:</P>

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

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #5F6062"><B><IMG SRC="pampr3q226k_001.jpg" ALT="">&nbsp;</B></P>

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

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

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

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

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">In Q3 22,
Pampa exchanged US$407.1 million FV of 2023 Notes for US$122.1 million in cash and issued 2026 Notes for US$292.8 million FV at a 9.5%
interest rate, amortizing in three consecutive annual installments from December 2024. Moreover, Pampa issued Series XI CB for AR$21,655
million at Badlar Privada variable interest rate plus 0%, maturing in 18 months, and took net borrowings for AR$7,080 million and imports
pre-financing loan for US$6.8 million.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">Regarding
our affiliates, in Q3 22, CTBSA issued Series VIII CB for AR$4,236 million at a Badlar Privada variable interest rate plus 1%, maturing
in 18 months and paid US$6 million of the syndicated loan. Moreover, TGS undertook short-term bank loans for US$8 million and imports
pre-financing loan for US$1 million, while Transener paid loans for AR$83 million. After the closing of Q3 22, CTBSA paid US$2 million
of the syndicated loan, TGS undertook net imports pre-financing loan for US$0.9 million, and Transener settled borrowings for AR$28 million.</P>

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


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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; width: 18%">Company<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">In million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 32%">Security</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 10%">Maturity</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 9%">Amount issued</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 11%">Amount <BR>
net of repurchases</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 20%">Coupon</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="4" STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series T at discount &amp; fixed rate<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right">2023</TD>
    <TD STYLE="color: #5F6062; text-align: right">500</TD>
    <TD STYLE="color: #5F6062; text-align: right">93</TD>
    <TD STYLE="color: #5F6062; text-align: center">7.375%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series IX at par &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: right">2026</TD>
    <TD STYLE="color: #5F6062; text-align: right">293</TD>
    <TD STYLE="color: #5F6062; text-align: right">179</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series I at discount &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: right">2027</TD>
    <TD STYLE="color: #5F6062; text-align: right">750</TD>
    <TD STYLE="color: #5F6062; text-align: right">604</TD>
    <TD STYLE="color: #5F6062; text-align: center">7.5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series III at discount &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: right">2029</TD>
    <TD STYLE="color: #5F6062; text-align: right">300</TD>
    <TD STYLE="color: #5F6062; text-align: right">293</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.125%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">TGS<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">CB at discount at fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: right">2025</TD>
    <TD STYLE="color: #5F6062; text-align: right">500</TD>
    <TD STYLE="color: #5F6062; text-align: right">470</TD>
    <TD STYLE="color: #5F6062; text-align: center">6.75%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$-link</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="3" STYLE="color: #5F6062; text-align: left">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series I</TD>
    <TD STYLE="color: #5F6062; text-align: right">2023</TD>
    <TD STYLE="color: #5F6062; text-align: right">43</TD>
    <TD STYLE="color: #5F6062; text-align: right">43</TD>
    <TD STYLE="color: #5F6062; text-align: center">4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series IV</TD>
    <TD STYLE="color: #5F6062; text-align: right">2024</TD>
    <TD STYLE="color: #5F6062; text-align: right">96</TD>
    <TD STYLE="color: #5F6062; text-align: right">96</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series VI<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10.35pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right">2025</TD>
    <TD STYLE="color: #5F6062; text-align: right">25</TD>
    <TD STYLE="color: #5F6062; text-align: right">25</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In AR$</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series VIII (Green Bond)</TD>
    <TD STYLE="color: #5F6062; text-align: right">2023</TD>
    <TD STYLE="color: #5F6062; text-align: right">3,107</TD>
    <TD STYLE="color: #5F6062; text-align: right">3,107</TD>
    <TD STYLE="color: #5F6062; text-align: center">Badlar Privada +2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series XI</TD>
    <TD STYLE="color: #5F6062; text-align: right">2024</TD>
    <TD STYLE="color: #5F6062; text-align: right">21,655</TD>
    <TD STYLE="color: #5F6062; text-align: right">21,655</TD>
    <TD STYLE="color: #5F6062; text-align: center">Badlar Privada +0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="color: #5F6062; text-align: left">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series VII<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10.35pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right">2023</TD>
    <TD STYLE="color: #5F6062; text-align: right">1,754</TD>
    <TD STYLE="color: #5F6062; text-align: right">1,754</TD>
    <TD STYLE="color: #5F6062; text-align: center">Badlar Privada +2.98%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series VIII<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10.35pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right">2024</TD>
    <TD STYLE="color: #5F6062; text-align: right">4,236</TD>
    <TD STYLE="color: #5F6062; text-align: right">4,236</TD>
    <TD STYLE="color: #5F6062; text-align: center">Badlar Privada +1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In UVA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: left">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">CB Series II</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">2024</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">65</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">65</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">4%</TD></TR>
  </TABLE>


<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 19.35pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>: <B>1</B>
According to IFRS, affiliates are not consolidated in Pampa&rsquo;s FS. <B>2</B> Net amount after the exchange. <B>3</B> CB secured by
YPF and Pampa, subject to suspensive and resolutory conditions.</P>

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

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 210.9pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>: <B>1</B>
Stand-alone. <B>2 </B>Local ratings issued by FIX SCR<BR STYLE="clear: both">
</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: right; width: 98%">Pampa Energ&iacute;a &#9679; Earnings release Q3 22 &#9679;</TD><TD STYLE="width: 2%; text-align: right"><P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0; color: #5F6062"></P><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS, Times, Serif; margin-top: 12pt; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_012"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Analysis of the Q3 22 results</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 4pt 5.75pt 0 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Breakdown by segment<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Q3 22</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Q3 21</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 0.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">Sales</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">Adjusted EBITDA</TD>
    <TD STYLE="color: white; border-right: #1A458C 1.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right">Net Income</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">Sales</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">Adjusted EBITDA</TD>
    <TD STYLE="color: white; border-right: #1A458C 1.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right">Net Income</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: center">Sales</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: center">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: center">Net Income</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; width: 28%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Power generation</TD>
    <TD STYLE="color: #5F6062; text-align: right">169</TD>
    <TD STYLE="color: #5F6062; text-align: right">89</TD>
    <TD STYLE="color: #5F6062; text-align: right">119</TD>
    <TD STYLE="color: #5F6062; text-align: right">173</TD>
    <TD STYLE="color: #5F6062; text-align: right">126</TD>
    <TD STYLE="color: #5F6062; text-align: right">74</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-2%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-29%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+62%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Oil and Gas</TD>
    <TD STYLE="color: #5F6062; text-align: right">189</TD>
    <TD STYLE="color: #5F6062; text-align: right">117</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; text-align: right">148</TD>
    <TD STYLE="color: #5F6062; text-align: right">104</TD>
    <TD STYLE="color: #5F6062; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+28%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+13%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-84%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Petrochemicals</TD>
    <TD STYLE="color: #5F6062; text-align: right">179</TD>
    <TD STYLE="color: #5F6062; text-align: right">19</TD>
    <TD STYLE="color: #5F6062; text-align: right">19</TD>
    <TD STYLE="color: #5F6062; text-align: right">144</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+24%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+172%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+217%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Holding and Others</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; text-align: right">35</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; text-align: right">24</TD>
    <TD STYLE="color: #5F6062; text-align: right">19</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-15%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+84%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Eliminations</TD>
    <TD STYLE="color: #5F6062; text-align: right">(34)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(34)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Total continuing operations</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">507</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">246</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">178</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">435</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">261</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">131</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+17%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">-5%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+36%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 4pt 5.75pt 0 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt; color: #5F6062"><B></B></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 5.4pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>: Net income
attributable to the Company&rsquo;s shareholders.</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Reconciliation of adjusted EBITDA,<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">in US$ million</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Nine-month period</TD>
    <TD STYLE="vertical-align: bottom; border-top: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Third quarter</TD></TR>
  <TR STYLE="background-color: #1A458C">
    <TD STYLE="vertical-align: bottom; border-bottom: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2022</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2021</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2022</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2021</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; width: 54%">Consolidated operating income</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 11%">481</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 11%">473</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 11%">212</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 11%">210</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle">Consolidated depreciations and amortizations</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">160</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">147</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">54</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">56</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">EBITDA</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">641</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">620</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">266</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">266</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; vertical-align: middle">Adjustments from generation segment</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(25)</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">21</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(36)</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of equity income</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(67)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(32)</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(33)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(18)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of PPE's impairment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of provision recovery of PEPE IV bond</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(17)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(20)</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(11)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(8)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of provision in outages</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of PPE activation in operating expenses</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">8</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Greenwind's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">CTBSA's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">59</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">21</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; vertical-align: middle">Adjustments from oil and gas segment</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">12</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of PPE &amp; inventories' impairment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of provision for environmental remediation</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">14</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; vertical-align: middle">Adjustments from petrochemicals segment</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; vertical-align: middle">Adjustments from holding &amp; others segment</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">81</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">49</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">18</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(12)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of equity income</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(33)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(53)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(10)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(33)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of contigencies provision&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of executive compensation liabilities' reversal</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(7)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of intangible assets' impairment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">TGS's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">97</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">84</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">25</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Transener's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Consolidated adjusted EBITDA, continuing op.</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">724</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">701</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">246</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">261</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">At our ownership</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">723</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">700</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">246</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">261</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>


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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Power generation segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Nine-month period</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Third quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2022</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">2021</TD>
    <TD STYLE="color: white; font-style: italic; border-right: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right">&#8710;%</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">2022</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">2021</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 50%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">500</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">501</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">-0%</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">169</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">173</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">-2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #4F5150; font-style: italic; text-align: left">Local market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">500</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">501</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-0%</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">169</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">173</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #4F5150; font-style: italic; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(278)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(266)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+5%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(94)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(95)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">222</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">235</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-6%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">75</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">78</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+100%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(29)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(21)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+38%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(10)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; text-align: right">36</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-50%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+10%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-25%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-50%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Impairment of PPE</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Results for participation in joint businesses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">67</TD>
    <TD STYLE="color: #4F5150; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+109%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+83%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">273</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">275</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">107</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">96</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+11%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-67%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(47)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(32)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+47%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(20)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(10)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(11)</TD>
    <TD STYLE="color: #4F5150; text-align: right">13</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(57)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(16)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">+256%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">11</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit (loss) before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">216</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">259</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-17%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">118</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">88</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+34%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(15)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(70)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-79%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">(15)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income (loss) for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">201</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">189</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+6%</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">120</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">73</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+64%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; font-style: italic; text-align: left">Attributable to owners of the Company</TD>
    <TD STYLE="padding-left: 24px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">198</TD>
    <TD STYLE="font-style: italic; text-align: right">187</TD>
    <TD STYLE="font-style: italic; text-align: right">+6%</TD>
    <TD STYLE="padding-left: 24px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">119</TD>
    <TD STYLE="font-style: italic; text-align: right">74</TD>
    <TD STYLE="font-style: italic; text-align: right">+62%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">Attributable to non-controlling interests</TD>
    <TD STYLE="padding-left: 24px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">3</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">2</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">+50%</TD>
    <TD STYLE="padding-left: 24px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">(1)</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">309</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">362</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-14%</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">89</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">126</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-29%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold; font-style: italic">Adjusted EBITDA at our share ownership</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">308</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">361</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-15%</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">89</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">127</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-30%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">99</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">69</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; text-align: right">66</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-8%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; text-align: right">23</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-22%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q3 22, the slight decrease in power generation </FONT><FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">is
mainly explained by the PPA maturity at CTLL&rsquo;s ST and CTP, which are currently remunerated as legacy energy from November 1, 2021,
and July 15, 2021, respectively. Moreover, it also affected CTLL&rsquo;s GT05 outage between July and half of August 2022 and the lower
power dispatch at Genelba Plus&rsquo;s combined cycle due to a lack of gas for generation.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">The effects
above were partially offset by higher prices and volumes sold under legacy energy<SUP>[4]</SUP>, which showed resilience despite being
remunerated in Argentine Pesos and facing nominal depreciation. Therefore, the power capacity remuneration was US$4.5 thousand/MW-month
for our thermal legacy units (+25% vs. Q3 21) and US$2.1 thousand/MW-month for our hydros (+4% vs. Q3 21). Legacy energy comprises 74%
of the 4,970 MW operated by Pampa<SUP>[5]</SUP>, but it represented only 30% of the segment&rsquo;s sales in Q3 22. Moreover, we recorded
higher sales under Energ&iacute;a Plus due to better prices and demand compared to Q3 21&rsquo;s CTGEBA and CTG plus units outages, plus
full consolidation of PEMC since August 12, 2022<SUP>[6]</SUP>.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>operating</B></FONT> <FONT STYLE="color: #5F6062">terms, in Q3 22, the power generation operated
by Pampa decreased by 17% vs. Q3 21, mainly because of lower gas availability during the winter, which affected CTGEBA and CTEB (-815
GWh). Also, technical outages occurred in some units of CTLL, wind farms and CTG (-129 GWh). However, these effects were partially offset
by the higher dispatch with liquid fuel at CPB, CTPP and CTIW (+171 GWh), and higher water input at HPPL and HINISA (+35 GWh).</FONT></P>

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

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[4]</SUP> 30% remuneration
increase and permanent elimination of utilization factor as of Feb-22, plus an additional 10% increase in Jun-22.</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[5]</SUP> Under IFRS, CTEB
(567 MW) is an affiliate and its result is not consolidated in the FS, but it is operated by Pampa and its EBITDA at our equity stake
is included in Pampa&rsquo;s adjusted EBITDA.</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[6]</SUP> For more information,
see section 1.1 of this Earnings release</P>
<!-- Field: Page; Sequence: 9 -->
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    <!-- Field: /Page -->

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
power generation units operated by Pampa reached an improved </FONT><FONT STYLE="color: #00B0F0"><B>availability</B></FONT> <FONT STYLE="color: #5F6062">rate
of 96.1% in Q3 22, recording 112 basis points higher year-on-year (95.0% in Q3 21), mainly due to last year&rsquo;s forced unavailabilities
at HINISA and at CTGEBA and CTG plus units. CTLL&rsquo;s out-of-service and programmed maintenance partially offset the abovementioned
effects in Q3 22. However, thermal units recorded a slight decrease in availability, reaching 95.9% in Q3 22 (-17 basis points vs. 96.1%
in Q3 21). </FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: left"><FONT STYLE="font-size: 8pt">Power
    generation's <BR>
    key performance indicators&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">2022</FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">2021</FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 0.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Variation</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Hydro</FONT></TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Wind</FONT></TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Thermal</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Total</FONT></TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Hydro</FONT></TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Wind</FONT></TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Thermal</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Total</FONT></TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Hydro</FONT></TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Wind</FONT></TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Thermal</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Total</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left; width: 25%"><FONT STYLE="font-size: 8pt">Installed capacity (MW)</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%"><FONT STYLE="font-size: 8pt">938</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%"><FONT STYLE="font-size: 8pt">206</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%"><FONT STYLE="font-size: 8pt">3,826</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 6%"><FONT STYLE="font-size: 8pt">4,970</FONT></TD>
    <TD STYLE="text-align: center; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%"><FONT STYLE="font-size: 8pt">938</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%"><FONT STYLE="font-size: 8pt">206</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%"><FONT STYLE="font-size: 8pt">3,826</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 6%"><FONT STYLE="font-size: 8pt">4,970</FONT></TD>
    <TD STYLE="text-align: center; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 6%"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 6%"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 6%"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; width: 6%"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">New capacity (%)</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">100%</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">28%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">26%</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">100%</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">47%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">41%</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-20%</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-15%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">Market share (%)</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">2.2%</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">0.5%</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">8.9%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">11.6%</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">2.2%</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">0.5%</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">9.0%</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">11.7%</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-0%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-0%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-0%</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-0%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 8pt">Nine-month period</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">Net generation (GWh)</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">888</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">655</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">11,594</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">13,136</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">923</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">642</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">11,197</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">12,763</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-4%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">+2%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">+4%</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">+3%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">Volume sold (GWh)</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">888</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">673</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">12,437</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">13,999</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">923</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">667</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">11,841</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">13,431</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-4%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">+1%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">+5%</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">+4%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">Average price (US$/MWh)</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">27</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">70</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">42</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">42</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">70</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">49</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">48</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">+13%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-0%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-15%</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-13%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">Average gross margin (US$/MWh)</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">57</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">25</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">25</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">59</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">32</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">32</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">+22%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-2%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-24%</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-21%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 8pt">Third quarter</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">Net generation (GWh)</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">292</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">212</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">3,263</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">3,767</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">262</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">236</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">4,015</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">4,512</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">+12%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-10%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-19%</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-17%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">Volume sold (GWh)</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">292</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">218</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">3,532</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">4,042</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">262</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">244</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">4,259</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">4,765</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">+11%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-11%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-17%</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-15%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">Average price (US$/MWh)</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">25</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">71</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">44</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">44</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">25</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">70</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">47</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">47</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">+1%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">+2%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-7%</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-6%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">Average gross margin (US$/MWh)</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">55</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">0</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">59</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 8pt">31</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">31</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">na</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-6%</FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-24%</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">-22%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify; color: #5F6062"><B>Note</B>: Gross margin before
amortization and depreciation. It includes CTEB and PEMC, operated by Pampa (50% equity stake). Since August 12, 2022, PEMC has been fully-owned
and consolidated in FS.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q3 22, </FONT><FONT STYLE="color: #00B0F0"><B>net operating costs</B></FONT><FONT STYLE="color: #5F6062">, excluding depreciation and
amortizations, increased by 7% vs. Q3 21, mainly explained by CTLL&rsquo;s repair expenses and higher payroll, by which inflation outpaced
the AR$ devaluation. These effects were partially offset by lower energy purchases to cover Plus contracts because technical issues affected
Plus units in Q3 21.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
Q3 22 </FONT><FONT STYLE="color: #00B0F0"><B>financial results </B></FONT><FONT STYLE="color: #5F6062">posted a net gain of US$11 million,
US$20 million more than the US$8 million net loss in Q3 21, mainly explained by higher gains from holding financial securities, partially
offset by higher losses from devaluation over AR$-trade receivables and financial interests due to increased debt in AR$ and the full
consolidation in FS of PEMC.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q3 22, our power generation&rsquo;s </FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">recorded
US$89 million (-29% vs. Q3 21), mainly explained by the end of PPAs at CTLL&rsquo;s ST, CTP and CTEB and, to a lower extent, the technical
outages and the US$ increase in labor expenses. Said variation was partially offset by the rise in legacy energy and Energ&iacute;a Plus
sales, the consolidation of PEMC and decreased volume in energy purchases. In addition, the EBITDA considers our proportional 50% stake
in CTEB (CTBSA) (US$2 million in Q3 22 vs. US$21 million in Q3 21), and a 50% stake in PEMC (Greenwind) (US$1 million in Q3 22 vs. US$3
million in Q3 21)<SUP>[7]</SUP>. The adjusted EBITDA excludes the PPE impairments charged as operating expenses and the recognition of
commercial interests from delayed receivables, mostly from CAMMESA.</FONT><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Finally,
</FONT><FONT STYLE="color: #00B0F0"><B>capital expenditures</B></FONT><FONT STYLE="color: #5F6062">, excluding CTEB, recorded US$69 million
in Q3 22 while, in Q3 21, they were US$2 million, mainly due to PEPE III&rsquo;s expansion project.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">&nbsp;</FONT></P>

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

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[7]</SUP> It considers
Greenwind as an affiliate until August 11, 2022. For more information, see section 1.1 of this Earnings release.</P>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: left">Project</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">MW</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Marketing</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Currency</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Awarded price</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Estimated capex in <BR>
US$ million<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 700; color: white"><SUP>1</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Date of <BR>
commissioning</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Capacity per<BR>
MW-month</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Variable<BR>
per MWh</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Total <BR>
per MWh</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Budget</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">% Executed <BR>
@9/30/22</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; text-align: left; width: 18%">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; width: 5%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 13%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 9%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 10%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 9%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 9%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: left">Loma de la Lata</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: right">15</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">SE Res. No. 238/22</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">AR$</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: right">498,069 - 788,609<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 700; color: #00B0F0"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: right">597</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: right">1,478</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: right">22</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">91%</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">August 3, 2021</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Closing to CCGT Ensenada</TD>
    <TD STYLE="color: #5F6062; text-align: right">280</TD>
    <TD STYLE="color: #5F6062; text-align: center">PPA for 10 years</TD>
    <TD STYLE="color: #5F6062; text-align: center">US$</TD>
    <TD STYLE="color: #5F6062; text-align: right">23,962</TD>
    <TD STYLE="color: #5F6062; text-align: right">10.5</TD>
    <TD STYLE="color: #5F6062; text-align: right">43</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">242</TD>
    <TD STYLE="color: #5F6062; text-align: center">90%</TD>
    <TD STYLE="color: #5F6062; text-align: center">Q4 2022 (est.)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; text-align: left">Renewable</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: left">Pampa Energ&iacute;a III</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">81</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">MAT ER</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">US$</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">58<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">128</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">54%</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">Q1 2023 (est.)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6.5pt; color: #5F6062"></FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Oil &amp; gas segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Nine-month period</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Third quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2022</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2021</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2022</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2021</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 50%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">491</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">334</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">+47%</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">189</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">148</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">+28%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #4F5150; font-style: italic; text-align: left">Local market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">379</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">305</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+24%</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">163</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">131</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+24%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #4F5150; font-style: italic; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">112</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+286%</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+55%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(270)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(200)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+35%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(107)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(85)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+26%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">221</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">134</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+65%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">82</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">63</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+30%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(27)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+238%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(44)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(32)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+38%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(16)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+33%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">55</TD>
    <TD STYLE="color: #4F5150; text-align: right">52</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+6%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+7%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(22)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(26)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-15%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Impairment of PPE and inventories</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(29)</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income (loss)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">153</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">119</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+29%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">85</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">71</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+20%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(83)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(86)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-3%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(40)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(24)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+67%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(19)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+217%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(100)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(90)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">+11%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(53)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(27)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">+96%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit (loss) before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+83%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">44</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-27%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(27)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+125%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income (loss) for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">53</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">27</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+96%</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">5</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">32</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">-84%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">275</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">210</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+31%</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">117</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">104</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE and right-of-use assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">209</TD>
    <TD STYLE="color: #5F6062; text-align: right">144</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+45%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">95</TD>
    <TD STYLE="color: #4F5150; text-align: right">79</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+20%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">34</TD>
    <TD STYLE="color: #4F5150; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+3%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #5F6062">In
Q3 22, the oil and gas segment&rsquo;s </FONT><FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">grew 28% vs.
Q3 21, mainly because of the increased gas production driven by Plan Gas.Ar and spot exports to Chile even during the winter season, in
addition to higher domestic oil sales and rising export prices.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>operating</B></FONT> <FONT STYLE="color: #5F6062">terms, in Q3 22, total production reached 68.5
kboe/day (+19% vs. Q3 21 and +6% vs. Q2 22). </FONT><FONT STYLE="color: #00B0F0"><B>Gas production</B></FONT> <FONT STYLE="color: #5F6062">reached
new record highs, with 10.7 million m<SUP>3</SUP>/day output (+20% vs. Q3 21 and +6% vs. Q2 22), mainly explained by the higher delivery
volumes under Plan Gas.Ar and exports to Chile. Analyzing by block, significant production growth was recorded again at El Mangrullo,
reaching 8.1 million m<SUP>3</SUP>/day (+31% vs. Q3 21 and 11% vs. Q2 22), comprising 76% of our total gas output. However, this increase
was partially offset by lower activity and the natural depletion at Rinc&oacute;n del Mangrullo (0.3 million m<SUP>3</SUP>/day, -39%
vs. Q3 21 and -15% vs. Q2 22).</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Our
</FONT><FONT STYLE="color: #00B0F0"><B>gas price</B></FONT> <FONT STYLE="color: #5F6062">was US$4.8/MBTU in Q3 22 (+9% vs. Q3 21 and Q2
22), mainly because export prices were higher than the domestic market, and solid industrial demand led by limited local gas availability.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q3 22, our </FONT><FONT STYLE="color: #00B0F0"><B>gas deliveries</B></FONT> <FONT STYLE="color: #5F6062">were allocated as follows: 60%
to retail due to the priority under Plan Gas.Ar in the winter period, 18% as raw material to our thermal power units<SUP>[8]</SUP> and
petchem plants, 16% to the industrial/spot market, 5% was exported, and the small rest was sold to CAMMESA. In Q3 21, 52% of our gas
deliveries supplied the retail segment, 24% was sold to the industrial/spot market, 23% was fired at our thermal and petrochemicals plants,
and the rest was sold directly to CAMMESA and exports.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #00B0F0"><B>Oil
production</B></FONT> <FONT STYLE="color: #5F6062">reached 5.5 kbbl/day in Q3 22 (+14% vs. Q3 21 and +8% vs. Q2 22), mainly explained
by the rise in domestic demand, offset by lower exports. Production increased at El Tordillo, Los Blancos and Gobernador Ayala (+0.7
kbbl/day vs. Q3 21). Moreover, 80% of the volume sold in Q3 22 was placed in the domestic market (vs. 55% in Q3 21). Our average </FONT><FONT STYLE="color: #00B0F0"><B>oil
price</B></FONT> <FONT STYLE="color: #5F6062">in Q3 22 increased by 14% year-on-year, reaching US$70.2/barrel, mainly explained by the
rise of Brent and local prices.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">By
the end of Q3 22, we accounted for 887 </FONT><FONT STYLE="color: #00B0F0"><B>productive wells</B></FONT> <FONT STYLE="color: #5F6062">vs.
884 as of December 31, 2021.</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="border-bottom: white 1.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Oil
    and gas'<BR>
    key performance indicators </B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: white 1.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2022</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: white 1.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2021</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: white 1.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B><I>Variation</I></B></FONT></TD></TR>
  <TR STYLE="background-color: #1A458C">
    <TD STYLE="border-bottom: white 1.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white">Oil</FONT></TD>
    <TD STYLE="border-bottom: white 1.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white">Gas</FONT></TD>
    <TD STYLE="border-bottom: white 1.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: white 1.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white">Oil</FONT></TD>
    <TD STYLE="border-bottom: white 1.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white">Gas</FONT></TD>
    <TD STYLE="border-bottom: white 1.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: white 1.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white"><I>Oil</I></FONT></TD>
    <TD STYLE="border-bottom: white 1.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white"><I>Gas</I></FONT></TD>
    <TD STYLE="border-bottom: white 1.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B><I>Total</I></B></FONT></TD></TR>
  <TR STYLE="background-color: #939393">
    <TD STYLE="white-space: nowrap; width: 22%; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Nine-month
    period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; padding-right: 3.5pt; padding-left: 3.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #DFDFDF">
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Volume</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Production</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    thousand m<SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">9,919</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">0.7</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">7,673</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><I>+15%</I></FONT></TD>
    <TD ROWSPAN="3" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><I>+29%</I></FONT></TD>
    <TD ROWSPAN="3" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt"><B><I>+28%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    million cubic feet/day</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">350</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">271</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    thousand boe/day</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">5.2</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">58.4</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt"><B>63.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">4.5</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">45.2</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt"><B>49.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Sales</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    thousand m<SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">10,002</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">0.7</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">7,839</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><I>+15%</I></FONT></TD>
    <TD ROWSPAN="3" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><I>+28%</I></FONT></TD>
    <TD ROWSPAN="3" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt"><B><I>+26%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    million cubic feet/day</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">353</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">277</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    thousand boe/day</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">5.3</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">58.9</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt"><B>64.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">4.6</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">46.1</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt"><B>50.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #DFDFDF">
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Average
    Price</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    US$/bbl</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">70.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">58.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><I>+20%</I></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><I>+13%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    US$/MBTU</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">4.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">3.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #939393">
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Third
    quarter</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #DFDFDF">
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Volume</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Production</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    thousand m<SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">0.9</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">10,705</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">8,940</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><I>+14%</I></FONT></TD>
    <TD ROWSPAN="3" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><I>+20%</I></FONT></TD>
    <TD ROWSPAN="3" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt"><B><I>+19%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    million cubic feet/day</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">378</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">316</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    thousand boe/day</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">5.5</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">63.0</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt"><B>68.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">4.8</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">52.6</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt"><B>57.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Sales</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    thousand m<SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">0.9</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">10,781</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">0.9</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">9,245</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><I>-0%</I></FONT></TD>
    <TD ROWSPAN="3" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><I>+17%</I></FONT></TD>
    <TD ROWSPAN="3" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt"><B><I>+15%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    million cubic feet/day</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">381</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">326</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    thousand boe/day</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">5.9</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">63.5</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt"><B>69.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">5.9</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">54.4</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt"><B>60.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #DFDFDF">
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Average
    Price</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    US$/bbl</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">70.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">61.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><I>+14%</I></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><I>+9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">In
    US$/MBTU</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">4.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">4.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #E2E2E2; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062">

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Net
</FONT><FONT STYLE="color: #00B0F0"><B>operating costs</B></FONT> <FONT STYLE="color: #5F6062">in Q3 22, excluding depreciation, amortization,
and Plan Gas.Ar&rsquo;s compensation, grew 38% vs. Q3 21, mainly because of increasing expenses related to the higher activity (treatment,
maintenance, and transportation), more royalties, levies and taxes from higher volume and price sold, as well as increased costs in labor
and exported gas transportation. Compared with Q2 22, net operating expenses increased by 20% due to the growing gas activity, oil stock
consumption, royalties and labor costs, partially offset by lower transportation costs for exported gas. Lifting cost reached US$6.6/boe
produced in Q3 22 (+22% vs. Q3 21 and +7% vs. Q2 22).</FONT></P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[8]</SUP> Energ&iacute;a
Plus and SEE Res. No. 287/17.</P>


<!-- Field: Page; Sequence: 12 -->
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    <!-- Field: /Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q3 22, the losses from </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">doubled in comparison
with Q3 21, posting a net loss of US$54 million, mainly due to the increased interests from the higher stock of AR$-debt and higher losses
from devaluation over AR$-trade receivables, partially offset by gains from holding financial securities.</FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F5F61">O</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: #5F6062">ur
oil and gas </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: #5F6062">amounted
to US$117 million in Q3 22 (+13% vs. Q3 21), mainly explained by the increased deliveries under Plan Gas.Ar, gas exports to Chile and
better oil production and prices. These effects were partially offset by higher expenses related to the growing activity and gas exports,
and the US$ increase in payroll.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Finally,
the segment&rsquo;s </FONT><FONT STYLE="color: #00B0F0"><B>capital expenditures</B></FONT> <FONT STYLE="color: #5F6062">amounted to US$61
million in Q3 22, similar to Q3 21, mainly explained by the output commitments under Plan Gas.Ar.</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Petrochemicals segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Nine-month period</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Third quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2022</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2021</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2022</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2021</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 50%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">463</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">346</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">+34%</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">179</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">144</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">+24%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #4F5150; font-style: italic; text-align: left">Local market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">308</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">215</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+43%</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">124</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">85</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+46%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #4F5150; font-style: italic; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">155</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">131</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+18%</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">55</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">59</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-7%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(405)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(294)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+38%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(155)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(134)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+16%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">58</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">52</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+12%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+140%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(9)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+33%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+33%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+33%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income (loss)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">39</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+143%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">3</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">4</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit (loss) before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">43</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">35</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+23%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+200%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(11)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-55%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income (loss) for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">38</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">24</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+58%</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">19</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">6</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+217%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">44</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">41</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+7%</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">19</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">7</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+172%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+200%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+100%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
petrochemicals segment&rsquo;s </FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">reached
US$19 million in Q3 22 (+US$12 million vs. Q3 21), mainly explained by the higher prices in reforming products and increased deliveries
of octane bases in the domestic market. However, these effects were partially offset by the higher cost of raw materials (driven by international
reference prices) and, to a lesser extent, the increase in the gas per unit cost due to winter and labor expenses. Quarter-on-quarter,
there was no change in the adjusted EBITDA because the higher domestic volume sold of octane bases was offset by a drop in the styrene&rsquo;s
margin. </FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Total
</FONT><FONT STYLE="color: #00B0F0"><B>volume</B></FONT> <FONT STYLE="color: #5F6062">sold decreased by 7% vs. Q3 21, mainly explained
by the lesser reforming exports (during Q3 21, gasoline that had been in stock was shipped), lower polystyrene exports due to decreased
margins, and a drop in SBR demand, explained by a conflict in the tire market. However, the variation was partially offset by the rise
in local demand for styrene, polystyrene and octane bases (associated with the recovery in gasoline consumption).</FONT></P>

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    <!-- Field: /Page -->

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: left">Petrochemicals'<BR>
key performance indicators&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">Products</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">Styrene &amp; polystyrene<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">SBR</TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">Reforming</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; width: 37%">Nine-month period</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; border-top-color: white; border-top-width: 1.5pt; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Volume sold 9M22 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">84</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">36</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">182</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">302</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Volume sold 9M21 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">82</TD>
    <TD STYLE="color: #4F5150; text-align: center">38</TD>
    <TD STYLE="color: #4F5150; text-align: center">183</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">303</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation 9M22 vs. 9M21</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-6%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-1%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">-1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Average price 9M22 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">2,148</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">2,317</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,097</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">1,535</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Average price 9M21 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,751</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,914</TD>
    <TD STYLE="color: #4F5150; text-align: center">706</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">1,140</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation 9M22 vs. 9M21</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+23%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+21%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+55%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">+35%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid">Third quarter</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Volume sold Q3 22 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">28</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">13</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">79</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">120</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Volume sold Q3 21 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">29</TD>
    <TD STYLE="color: #4F5150; text-align: center">14</TD>
    <TD STYLE="color: #4F5150; text-align: center">86</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">129</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q3 22 vs. Q3 21</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-2%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-9%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-8%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">-7%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Average price Q3 22 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">2,232</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">2,541</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,067</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">1,496</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Average price Q3 21 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,767</TD>
    <TD STYLE="color: #4F5150; text-align: center">2,252</TD>
    <TD STYLE="color: #4F5150; text-align: center">717</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">1,118</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q3 22 vs. Q3 21</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+26%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+13%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+49%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">+34%</TD></TR>
  </TABLE>
<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 5.4pt 12pt 0; text-align: justify; color: #5F6062"><B>Note:
1 </B>Includes Propylene.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><FONT STYLE="color: #5F6062">In
Q3 22, </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">improved by US$4 million year-on-year,
recording a net profit of US$4 million. The variation is mainly explained by higher gains from holding financial securities and in the
passive AR$ monetary position due to devaluation. </FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Capital
expenditures</B></FONT> <FONT STYLE="color: #5F6062">reached US$3 million in Q3 22 against US$1 million in Q3 21.</FONT></P>


<!-- Field: Page; Sequence: 14 -->
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><A NAME="a_017"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the holding
and others segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Holding and others segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Nine-month period</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Third quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2022</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2021</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2022</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2021</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 50%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">16</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">15</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">+7%</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">4</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #4F5150; font-style: italic; text-align: left">Local market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+7%</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #4F5150; font-style: italic; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+7%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(24)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(11)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+118%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(10)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+100%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-50%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(18)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-67%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+100%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Impairment of intangible assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Results for participation in joint businesses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-38%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-70%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income (loss)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-60%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">36</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-92%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+300%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(21)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(31)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-32%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(11)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(30)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-63%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">58</TD>
    <TD STYLE="color: #4F5150; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+142%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">46</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">45</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">37</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(26)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit (loss) before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">35</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+74%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+300%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; text-align: right">9</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">55</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">35</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+57%</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">35</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">19</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+84%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">97</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">89</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+9%</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">21</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">24</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-15%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE and intangible assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+36%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
holding and others segment, without considering the affiliates&rsquo; equity income (Transener and TGS), posted a US$7 million </FONT><FONT STYLE="color: #00B0F0"><B>operating
loss,</B></FONT> <FONT STYLE="color: #5F6062">while in Q3 21, it was a US$3 million profit, mainly explained by the gain from the executive
compensation resetting in Q3 21, added to higher contingencies provisions in Q3 22. However, the variation was partially offset by lower
fees to third parties.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q3 22, </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">reached a net gain of US$37 million,
while in Q3 21, it was a net loss of US$26 million. The improvement is because of higher profit from devaluation over AR$-denominated
tax debt and lower tax interests.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
</FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">of our holding and others segment decreased
by 15%, recording US$21 million in Q3 22. The adjusted EBITDA excludes the equity income from our participation in TGS and Transener.
In turn, it adds the EBITDA adjusted by equity ownership in these businesses.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
EBITDA adjusted by our direct and indirect ownership of 29.3% and 29.0% in </FONT><FONT STYLE="color: #00B0F0"><B>TGS</B></FONT> <FONT STYLE="color: #5F6062">were
US$26 million (US$88 million at 100%) in Q3 22 vs. US$25 million (US$87 million at 100%) in Q3 21. The slight growth in the total adjusted
EBITDA was mainly due to rising ethane prices, propane exports (driven by international prices), and midstream revenues in Vaca Muerta.
However, these effects were partially offset by lower regulated income. Though tariffs were increased by 60% in March 2022, they failed
to offset the inflation and AR$ devaluation. In addition, they were also offset by the higher US$ unit cost of gas, which is used to
replace thermal reduction at Cerri Complex Plant (offset by a lower gas consumption), and a decrease in ethane deliveries to Dow Chemical
because of the programmed overhauls in PBB Polisur.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>Transener</B></FONT><FONT STYLE="color: #5F6062">, the EBITDA adjusted by our indirect stake ownership
of 26.3% amounted to US$3 million in Q3 22 (US$12 million at 100%) vs. US$4 million in Q3 21 (US$15 million at 100%), mainly due to the
tariff update in February 2022 (67% and 69% for Transener and Transba, respectively) was not able to offset the inflation and AR$ devaluation.</FONT></P>


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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 8.5pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: left">Subsidiary<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white">In US$ million</FONT></TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Nine-month period 2022</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Nine-month period 2021</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net debt<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net income<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net debt<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net income<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; width: 35%">Power generation segment</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Diamante</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">(5)</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Los Nihuiles</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(2)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(7)</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Greenwind<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7.25pt; font-weight: 700; color: #5F6062"><I><SUP>4</SUP></I></FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">13</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">17</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">77</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(4)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(7)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(8)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(39)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal Greenwind adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">8</TD>
    <TD STYLE="color: #5F6062; text-align: right">39</TD>
    <TD STYLE="color: #5F6062; text-align: right">(2)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">CTBSA</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">63</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">241</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">86</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">117</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">200</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">67</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(31)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(120)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(43)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(59)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(100)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(33)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal CTBSA adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">31</TD>
    <TD STYLE="color: #5F6062; text-align: right">120</TD>
    <TD STYLE="color: #5F6062; text-align: right">43</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">59</TD>
    <TD STYLE="color: #5F6062; text-align: right">100</TD>
    <TD STYLE="color: #5F6062; text-align: right">33</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa stand-alone, other companies, adjs. &amp; deletions<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">268</TD>
    <TD STYLE="color: #5F6062; text-align: right">82</TD>
    <TD STYLE="color: #5F6062; text-align: right">149</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">100%</TD>
    <TD STYLE="color: #5F6062; text-align: right">293</TD>
    <TD STYLE="color: #5F6062; text-align: right">129</TD>
    <TD STYLE="color: #5F6062; text-align: right">151</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal power generation</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">309</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">203</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">198</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">362</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">255</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">187</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Oil &amp; gas segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">275</TD>
    <TD STYLE="color: #5F6062; text-align: right">846</TD>
    <TD STYLE="color: #5F6062; text-align: right">53</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">210</TD>
    <TD STYLE="color: #5F6062; text-align: right">852</TD>
    <TD STYLE="color: #5F6062; text-align: right">27</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal oil &amp; gas</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">275</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">846</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">53</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">210</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">852</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">27</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Petrochemicals segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">44</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">38</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">41</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal petrochemicals</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">44</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">38</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">41</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Holding &amp; others segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Transener</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">47</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(29)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">15</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">46</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(22)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(10)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(35)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(11)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(34)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">16</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal Transener adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">12</TD>
    <TD STYLE="color: #5F6062; text-align: right">(8)</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">12</TD>
    <TD STYLE="color: #5F6062; text-align: right">(6)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(3)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">TGS</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">332</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">257</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">156</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">292</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">366</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">130</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(235)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(182)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(110)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(208)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(260)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(93)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal TGS adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">29.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">97</TD>
    <TD STYLE="color: #5F6062; text-align: right">75</TD>
    <TD STYLE="color: #5F6062; text-align: right">46</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">29.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">84</TD>
    <TD STYLE="color: #5F6062; text-align: right">106</TD>
    <TD STYLE="color: #5F6062; text-align: right">38</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa stand-alone, other companies, adjs. &amp; deletions<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(13)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">100%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(8)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(51)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal holding &amp; others</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">97</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">67</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">55</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">89</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">49</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">35</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Deletions</TD>
    <TD STYLE="color: white; text-align: left">100%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(188)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">100%</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(239)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-right: white 1.5pt solid">Total consolidated from continuing operations</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; text-align: left; border-left-color: white; border-left-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">724</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">927</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">343</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">701</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">917</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">273</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; font-weight: bold; font-style: italic; border-right: white 1.5pt solid; border-bottom: #5F6062 1pt solid; text-align: left">At our share ownership</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">723</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1,119</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">343</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">700</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1,161</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">273</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Trebuchet MS, Times, Serif; color: #2172AE; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt; color: #0081C6"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062"><FONT STYLE="vertical-align: baseline"><B>N</B></FONT><B>ote</B>:
<FONT STYLE="vertical-align: baseline"><B>1</B></FONT> The deletion corresponds to other companies, inter-companies or debt repurchases.
<B>2</B> Net debt includes holding companies.<BR>
<B>3</B> Attributable to the Company&rsquo;s shareholders. <B>4 </B>Consolidated in Pampa&rsquo;s FS since August 12, 2022.</P>

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


<!-- Field: Page; Sequence: 16 -->
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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><A NAME="a_019"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.7</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the quarter,
by subsidiary and segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 8.5pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: left">Subsidiary<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white">In US$ million</FONT></TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Q3 22</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Q3 21</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net debt<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net income<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net debt<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net income<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; width: 35%">Power generation segment</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Diamante</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">(5)</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Los Nihuiles</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(2)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(7)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(2)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Greenwind<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7.25pt; font-weight: 700; color: #5F6062"><I><SUP>4</SUP></I></FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">77</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(3)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(39)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal Greenwind adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">39</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">CTBSA</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">241</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">19</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">43</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">200</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">34</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(2)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(120)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(10)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(21)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(100)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(17)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal CTBSA adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; text-align: right">120</TD>
    <TD STYLE="color: #5F6062; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; text-align: right">100</TD>
    <TD STYLE="color: #5F6062; text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa stand-alone, other companies, adjs. &amp; deletions<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">86</TD>
    <TD STYLE="color: #5F6062; text-align: right">82</TD>
    <TD STYLE="color: #5F6062; text-align: right">108</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">100%</TD>
    <TD STYLE="color: #5F6062; text-align: right">103</TD>
    <TD STYLE="color: #5F6062; text-align: right">129</TD>
    <TD STYLE="color: #5F6062; text-align: right">58</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal power generation</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">89</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">203</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">119</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">126</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">255</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">74</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Oil &amp; gas segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">117</TD>
    <TD STYLE="color: #5F6062; text-align: right">846</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">104</TD>
    <TD STYLE="color: #5F6062; text-align: right">852</TD>
    <TD STYLE="color: #5F6062; text-align: right">32</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal oil &amp; gas</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">117</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">846</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">104</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">852</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">32</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Petrochemicals segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">19</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">19</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal petrochemicals</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">19</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">19</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Holding &amp; others segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Transener</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">12</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(29)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">15</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(22)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(9)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(11)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">16</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(3)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal Transener adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">(8)</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; text-align: right">(6)</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">TGS</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">88</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">257</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">37</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">87</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">366</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">50</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(62)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(182)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(26)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(61)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(260)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(35)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal TGS adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">29.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">26</TD>
    <TD STYLE="color: #5F6062; text-align: right">75</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">29.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">25</TD>
    <TD STYLE="color: #5F6062; text-align: right">106</TD>
    <TD STYLE="color: #5F6062; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa stand-alone, other companies, adjs. &amp; deletions<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(8)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">24</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">100%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(5)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(51)</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal holding &amp; others</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">67</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">35</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">24</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">49</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Deletions</TD>
    <TD STYLE="color: white; text-align: left">100%</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(188)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">100%</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(239)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-right: white 1.5pt solid">Total consolidated from continuing operations</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; text-align: left; border-left-color: white; border-left-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">246</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">927</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">178</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">261</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">917</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">131</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; font-weight: bold; font-style: italic; border-right: white 1.5pt solid; border-bottom: #5F6062 1pt solid; text-align: left">At our share ownership</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">246</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1,119</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">178</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">261</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1,161</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">131</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Trebuchet MS, Times, Serif; color: #2172AE; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt; color: #0081C6"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><FONT STYLE="vertical-align: baseline"><B>N</B></FONT><B>ote</B>:
<FONT STYLE="vertical-align: baseline"><B>1</B></FONT> The deletion corresponds to other companies, inter-companies or debt repurchases.
<B>2</B> Net debt includes holding companies.<BR>
<B>3</B> Attributable to the Company&rsquo;s shareholders. <B>4 </B>Consolidated in Pampa&rsquo;s FS since August 12, 2022.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_020"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">4.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Appendix</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 6pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_021"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>4.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Power generation&rsquo;s
main operational KPIs</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">Power generation's<BR>
    key performance indicators&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Hydroelectric</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Wind</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Subtotal<BR>
    hydro<BR>
    +wind</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Thermal</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Total</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">HINISA</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">HIDISA</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">HPPL</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">PEMC<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-style: normal; font-weight: 400; color: white"><SUP>1</SUP></FONT></FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">PEPE2</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">PEPE3</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CTLL</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CTG</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CTP</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CPB</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CTPP</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CTIW</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CTGEBA</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">Eco-<BR>
    Energ&iacute;a</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Subtotal</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 22%"><FONT STYLE="font-size: 7pt">Installed capacity (MW)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">265</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">388</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">285</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">100</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">53</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">53</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right; width: 5%"><FONT STYLE="font-size: 7pt">1,144</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">780</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">361</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">30</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">620</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">100</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">100</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">1,253</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">14</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">567</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right; width: 5%"><FONT STYLE="font-size: 7pt">3,826</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 4%"><FONT STYLE="font-size: 7pt">4,970</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left"><FONT STYLE="font-size: 7pt">New capacity (MW)</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">100</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">53</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">53</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">206</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">184</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">100</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">100</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">100</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">565</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">14</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">1,064</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">1,270</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Market share</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">0.6%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">0.9%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">0.7%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">2.7%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">1.8%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">0.8%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">1.4%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">2.9%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">0.03%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">1.3%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">8.9%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">11.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">Nine-month period</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Net generation 9M22 (GWh)</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">257</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">202</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">429</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">290</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">174</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">191</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,543</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">3,889</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">198</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">34</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">822</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">280</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">253</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">5,572</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">55</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">490</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">11,594</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">13,136</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Market share</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.4%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.3%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1.5%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">3.8%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.0%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.8%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.3%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">5.4%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.5%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">11.3%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">12.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Sales 9M22 (GWh)</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">257</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">203</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">429</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">290</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">193</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">191</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,562</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">3,889</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">369</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">34</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">822</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">280</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">253</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">6,182</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">117</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">490</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">12,437</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">13,999</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Net generation 9M21 (GWh)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">267</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">222</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">434</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">281</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">163</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">198</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,566</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">3,621</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">170</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">31</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">159</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">237</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">224</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">6,411</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">59</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">286</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">11,197</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">12,763</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left"><FONT STYLE="font-size: 7pt">Variation 9M22
    vs. 9M21</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-4%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-9%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-1%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+3%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+7%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-4%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-1%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+7%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+17%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+10%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+18%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+13%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-13%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-8%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+71%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+4%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+3%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Sales 9M21 (GWh)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">268</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">221</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">434</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">281</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">187</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">198</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,590</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">3,621</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">335</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">31</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">160</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">237</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">224</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">6,826</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">123</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">285</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">11,841</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">13,431</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Avg. price 9M22 (US$/MWh)</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">28</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">44</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">18</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">69</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">75</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">67</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">45</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">19</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">74</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">48</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">36</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">104</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">92</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">41</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">43</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">42</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Avg. price 9M21 (US$/MWh)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">23</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">38</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">17</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">71</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">72</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">67</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">43</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">33</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">57</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">124</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">96</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">121</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">101</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">35</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">31</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">49</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Avg. gross margin 9M22 (US$/MWh)</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">5</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">17</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">6</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">59</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">54</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">58</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">29</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">11</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">28</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">17</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">13</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">83</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">69</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">22</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">19</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">126</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">25</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Avg. gross margin 9M21 (US$/MWh)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">(3)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">16</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">8</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">61</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">55</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">58</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">28</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">29</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">10</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">69</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">7</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">98</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">79</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">17</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">10</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">32</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">Third quarter</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Net generation Q3 22 (GWh)</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">95</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">59</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">138</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">94</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">55</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">64</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">504</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,291</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">16</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">8</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">209</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">97</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">81</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,489</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">17</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">55</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">3,263</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">3,767</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Market share</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.3%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.4%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.3%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1.5%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">3.9%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.0%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.0%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.6%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.3%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">4.5%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">9.8%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">11.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Sales Q3 22 (GWh)</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">95</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">60</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">138</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">94</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">59</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">64</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">510</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,290</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">77</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">8</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">209</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">97</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">81</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,678</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">37</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">55</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">3,532</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">4,042</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Net generation Q3 21 (GWh)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">84</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">64</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">114</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">105</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">59</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">72</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">497</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">1,383</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">29</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">6</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">67</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">72</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">77</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">2,255</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">21</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">104</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">4,015</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">4,512</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left"><FONT STYLE="font-size: 7pt">Variation Q3 22
    vs. Q3 21</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+13%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-7%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+21%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-10%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-7%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-11%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+1%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-7%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-45%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+27%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+36%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">+5%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-34%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-20%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-47%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-19%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-17%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Sales Q3 21 (GWh)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">84</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">64</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">114</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">105</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">68</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">72</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">507</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">1,389</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">74</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">6</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">68</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">72</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">77</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">2,427</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">42</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">104</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">4,259</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">4,765</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Avg. price Q3 22 (US$/MWh)</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">25</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">42</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">18</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">69</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">80</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">66</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">45</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">17</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">124</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">65</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">47</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">101</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">96</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">51</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">49</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">145</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">44</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Avg. price Q3 21 (US$/MWh)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">21</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">38</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">20</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">72</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">70</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">67</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">47</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">30</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">92</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">87</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">79</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">132</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">99</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">34</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">36</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">47</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Avg. gross margin Q3 22 (US$/MWh)</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">4</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">8</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">5</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">59</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">51</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">54</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">27</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">11</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">33</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">23</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">16</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">80</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">74</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">27</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">22</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">70</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">24</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Avg. gross margin Q3 21 (US$/MWh)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">(17)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">8</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">8</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">63</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">51</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">60</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">28</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">26</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">(4)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">(31)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">(1)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">108</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">73</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">18</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">9</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: right"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">31</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">31</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 4.55pt 0 0; text-align: justify; color: #5F6062"><B>Note: </B>Gross margin
before amortization and depreciation <B>1</B> Fully owned by Pampa since August 12, 2022. Before, it was operated by Pampa with a 50%
of equity stake. <B>2</B> Operated by Pampa (50% equity stake)</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><A NAME="a_022"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>4.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Oil and gas production in
the main areas</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify"><IMG SRC="pampr3q226k_004.jpg" ALT=""><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 14pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 59.85pt 3pt 0; text-align: justify; color: #5F6062"><FONT STYLE="vertical-align: baseline"><B>N</B></FONT><B>ote</B>:
Production in Argentina <B>1</B> It does not include shale formation. <B>2</B> It includes La Tapera &ndash; Puesto Quiroga block. <B>3</B>
From gas fields.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS, Times, Serif; margin-top: 12pt; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_023"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Glossary of terms</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #20396D">
    <TD STYLE="width: 26%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white">Term</FONT></TD>
    <TD STYLE="width: 74%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white">Definition</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">9M 22 - 9M 21</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">First nine months of 2022/First nine months of 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>A</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">DR/ADS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>American Depositary Receipt</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">AR$</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Argentine Pesos</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>B</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">bl</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Barrel</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Boe</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Barrels of oil equivalent</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>C</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">AMMESA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Compa&ntilde;&iacute;a Administradora del Mercado Mayorista El&eacute;ctrico S.A.</I>(Argentina Wholesale Electricity Market Clearing Company)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Corporate Bonds</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CC</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Combined Cycle</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CPB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Piedra Buena Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTBSA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CT Barrag&aacute;n S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTEB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Ensenada Barrag&aacute;n Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTG</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">G&uuml;emes Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTGEBA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Genelba Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTIW</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Ingeniero White Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTLL</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Loma De La Lata Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Piquirenda Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTPP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Parque Pilar Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>E</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">&amp;P</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Exploration and Production</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">EBITDA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Earnings before interest, tax, depreciation and amortization</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">EcoEnerg&iacute;a</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">EcoEnerg&iacute;a Co-Generation Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Energ&iacute;a Plus</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Energ&iacute;a Plus Program, SE Res. No. 1,281/06</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">ENRE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Ente Nacional Regulador de la Electricidad</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>F</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">S</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Financial Statements</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">FV</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Face value </FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; width: 26%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>G</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">reenwind</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; width: 74%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Greenwind S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">GT</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Gas turbine</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">GWh</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Gigawatt-hour</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>H</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">IDISA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Diamante Hydro Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">HINISA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Los Nihuiles Hydro Power Plant </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">HMRT</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Horas de Alto Requerimiento T&eacute;rmico del Mes</I> (Hours of the month with high thermal demand)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">HPPL</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pichi Pic&uacute;n Leuf&uacute; Hydro Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0070C0"><B>I</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">FRS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">International Financial Reporting Standards</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>K</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">bbl/kboe</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Thousands of barrels/thousands of barrels of oil equivalent</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>M</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Cubic meters</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">MAT ER</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Term Market from Renewable Energy Sources</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">MBTU</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Million British Thermal Units</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">MW/MWh</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Megawatt/Megawatt-hour</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>N</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">.a.</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>P</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">ampa / The Company</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pampa Energ&iacute;a S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pampa Group</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pampa Energ&iacute;a S.A. and its subsidiaries</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PEMC</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Ingeniero Mario Cebreiro Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PEPE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pampa Energ&iacute;a Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Plan Gas.Ar</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Re-assurance and Strengthening of the Federal Hydrocarbon Production through Self-Supply, Exports, Replacement of Imports and the Expansion of the Transportation System to All the Country's Hydrocarbon Basins Plan (Emergency Executive Order No. 892/20 and supplementary regulations)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PPA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Power Purchase Agreement</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PPE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Property, Plant and Equipment</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>Q</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">2 22/Q2 21</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Second quarter of 2022/ Second quarter of 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Q3 22/Q3 21</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Third quarter of 2022/Third quarter of 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>R</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">es.</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Resolution/Resolutions</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>S</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">E</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Secretariat of Energy</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">SEE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Under Secretariat of Electric Energy (former Secretariat of Electric Energy)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">ST</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Steam tubine</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>T</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">GS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Transportadora de Gas del Sur S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Ton</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Metric ton</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">ToP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Take or Pay</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Transba</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062">Empresa de Transporte de Energ&iacute;a El&eacute;ctrica
    por Distribuci&oacute;n Troncal de la Provincia de Buenos Aires</P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062">Transba S.A.</P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Transener</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Compa&ntilde;&iacute;a de Transporte de Energ&iacute;a El&eacute;ctrica en Alta Tensi&oacute;n Transener S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>U</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">S$</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">U.S. Dollars</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 2.25pt solid; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">UVA</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Unidad de Valor Adquisitivo</I> (Acquisitive Value Units)</FONT></TD></TR>
  </TABLE>

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