<SEC-DOCUMENT>0001292814-23-000818.txt : 20230309
<SEC-HEADER>0001292814-23-000818.hdr.sgml : 20230309
<ACCEPTANCE-DATETIME>20230309161649
ACCESSION NUMBER:		0001292814-23-000818
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230309
DATE AS OF CHANGE:		20230309

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:		23719962

	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>pampr4q22_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<HR SIZE="2" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: #A0A0A0">

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>For the month of&nbsp;March,
2023</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>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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


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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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



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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Date:&nbsp;March 9, 2023</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>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="pampr4q226k_010.jpg" ALT="">&nbsp;</P>

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

<P STYLE="margin: 0"></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">&nbsp;</P>
    <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 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 fiscal year and
quarter ended on December 31, 2022.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: justify; color: #006FC0">&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, March 9,
2023&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="pampr4q226k_007.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"></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 March 8, 2023<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$689.8 billion/<BR>
US$1,831 million</FONT></P>
<P STYLE="font: bold 8pt/110% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt"><FONT STYLE="font-weight: normal">&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">Monday
Mar-13<BR>
10 AM Eastern Standard Time<BR>
11 AM Buenos Aires Time</FONT></P>
<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062"></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"></FONT></P>

<P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #00B0F0"><FONT STYLE="font-weight: normal">bit.ly/Pampa4Q2022VC</FONT></P>
<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt"><FONT STYLE="font-weight: normal; color: #00B0F0"></FONT></P>

<P STYLE="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 0 5.65pt; color: #0070C0">For further information about Pampa&nbsp;</P>
<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062"></P>
<P STYLE="font: 7pt Trebuchet MS,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Symbol; font-size: 10pt; font-weight: normal; color: #00B0F0">&middot;
</font><font style="font-family: Verdana,sans-serif; font-size: 8pt; font-weight: normal; color: #5F6062">Email:</font></p>
<P STYLE="font: 7pt Trebuchet MS,sans-serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0%; text-indent: 2%"><font style="font: normal 8pt Verdana,sans-serif; color: #5F6062"></font><font style="font-family: Verdana,sans-serif; font-size: 8pt; font-weight: normal; color: #00B0F0">investor@pampaenergia.com</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Symbol; color: #00B0F0">&middot;
</font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062">Website for investors:</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"></font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #00B0F0">ri.pampaenergia.com/en</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Symbol; color: #00B0F0">&middot;
</font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062">Argentina&rsquo;s Securities and Exchange Commission:</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"></font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #00B0F0">www.argentina.gob.ar/cnv</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Symbol; color: #00B0F0">&middot;
</font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062">Securities and Exchange Commission:</font></p>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0%; text-indent: 2%"><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"></font><font style="font-family: Verdana,sans-serif; font-size: 8pt; color: #00B0F0">sec.gov</font></p>
</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-size: 8pt"><P STYLE="color: #0081C5; font: 10pt Verdana, Helvetica, Sans-Serif; margin: 8pt 0; text-align: justify"><B><A NAME="a_001"></A>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 December 31, 2022, except for previous periods already reported.</P>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; color: #5F5F61; margin: 0; text-align: justify"></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="margin: 0; font: 9pt Verdana, Helvetica, Sans-Serif"><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>10% year-on-year
increase in sales, recording US$448 million<SUP>[2]</SUP> in Q4 22, </B></FONT><FONT STYLE="color: #5F6062">explained by better natural
gas prices and higher sales of petrochemical reforming products and legacy energy, offset by the PPAs maturity at CTLL&rsquo;s ST and
CTP.</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</B></FONT> <FONT STYLE="color: #5F6062">in every business segment:</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"><FONT STYLE="color: #00B0F0"></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">Q4 22</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: #1A458C">Q4 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">5,175</TD>
    <TD STYLE="color: #5F6062; text-align: right">4,670
</TD>
    <TD STYLE="font-style: italic; text-align: center">+11%
</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$/MWh)</TD>
    <TD STYLE="color: #5F6062; text-align: right">17.4</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.1</TD>
    <TD STYLE="font-style: italic; text-align: center">-33%
</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">Hydrocarbon</TD>
    <TD STYLE="color: #4F5150">Production (k boe/day)</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.6
</TD>
    <TD STYLE="color: #5F6062; text-align: right">58.1
</TD>
    <TD STYLE="font-style: italic; text-align: center">+6%
</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150">Gas over total production</TD>
    <TD STYLE="color: #5F6062; text-align: right">91%</TD>
    <TD STYLE="color: #5F6062; text-align: right">91%</TD>
    <TD STYLE="font-style: italic; text-align: center">-0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150">Average gas price (US$/MBTU)</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.9</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.1</TD>
    <TD STYLE="font-style: italic; text-align: center">+24%</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$/bbl)</TD>
    <TD STYLE="color: #5F6062; text-align: right">66.9</TD>
    <TD STYLE="color: #5F6062; text-align: right">58.6</TD>
    <TD STYLE="font-style: italic; text-align: center">+14%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">Petrochemicals</TD>
    <TD STYLE="color: #4F5150">Volume sold (k ton)</TD>
    <TD STYLE="color: #5F6062; text-align: right">120</TD>
    <TD STYLE="color: #5F6062; text-align: right">114</TD>
    <TD STYLE="font-style: italic; text-align: center">+5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150">Average price (US$/ton)</TD>
    <TD STYLE="color: #5F6062; text-align: right">1,285</TD>
    <TD STYLE="color: #5F6062; text-align: right">1,266</TD>
    <TD STYLE="font-style: italic; text-align: center">+2%</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></B></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: #00B0F0"><B>7% year-on-year
decrease in the adjusted EBITDA<SUP>[3]</SUP>, recording US$183 million in Q4 22</B></FONT><FONT STYLE="color: #5F6062">, explained by
reductions of 74% in holding and others and 19% in power generation, partially offset by increases of 57% in oil and gas and 68% in petrochemicals.</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$113 million</B></FONT><FONT STYLE="color: #5F6062">, almost 3x the Q4 21 figure, mainly due
to Ecuador&rsquo;s arbitral compensation, higher gains from holding financial securities and depreciation over the passive monetary position
in AR$. Certain PPAs&rsquo; maturity, higher income tax charges and financial interests partially offset the higher net income.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: #00AFEF"><B>Net debt continued
decreasing, reaching US$913 million</B></FONT><FONT STYLE="color: #5F6062">, with a net leverage ratio of 1.2x.</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></SUP></P>

<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$ 74 million. 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>
<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- 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>

<P STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 5pt; color: #5F6062">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 40%"><A HREF="#a_001">Basis of presentation</A></TD><TD STYLE="width: 20%"></TD><TD STYLE="width: 20%"></TD>
                                                                   <TD STYLE="text-align: right; width: 20%">1</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 5pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40%"><A HREF="#a_002">Main results from the quarter</A></TD><TD STYLE="width: 20%"></TD><TD STYLE="width: 20%"></TD>
                                                                   <TD STYLE="text-align: right; width: 20%">&#9;1</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 5pt; color: #5F6062">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt">1.</TD><TD STYLE="width: 40%"><A HREF="#a_003">Relevant Events</A></TD><TD>&#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">1.1</TD><TD><A HREF="#a_004">Power generation segment</A></TD>
                                                                   <TD STYLE="text-align: right">&#9;3</TD></TR>
</TABLE>

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

<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">Oil and gas segment</A>&#9;</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">1.3</TD><TD><A HREF="#a_006">Other news</A>&#9;</TD>
                                                                   <TD STYLE="text-align: right">5</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 5pt; color: #5F6062">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt">2.</TD><TD STYLE="width: 40%"><A HREF="#a_007">Financial highlights</A></TD><TD>&#9;</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">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">2.1</TD><TD><A HREF="#a_008">Consolidated balance sheet</A>&#9;</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">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">2.2</TD><TD><A HREF="#a_009">Consolidated income statement</A>&#9;</TD>
                                                                   <TD STYLE="text-align: right">7</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_010">Cash and financial borrowings</A>&#9;</TD>
                                                                   <TD STYLE="text-align: right">8</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 5pt; color: #5F6062">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt">3.</TD><TD STYLE="width: 40%"><A HREF="#a_011">Analysis of the Q4 22 results</A></TD><TD>&#9;</TD>
                                                                   <TD STYLE="text-align: right">10</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_012">Reconciliation of consolidated adjusted EBITDA</A>&#9;</TD>
                                                                   <TD STYLE="text-align: right">10</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_013">Analysis of the power generation segment</A>&#9;</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">3.3</TD><TD><A HREF="#a_014">Analysis of the oil and gas segment</A>&#9;</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">3.4</TD><TD><A HREF="#a_015">Analysis of the petrochemicals segment</A>&#9;</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">3.5</TD><TD><A HREF="#a_016">Analysis of the holding and others segment</A>&#9;</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">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.6</TD><TD><A HREF="#a_017">Analysis of the fiscal year, by subsidiary and segment</A>&#9;</TD>
                                                                   <TD STYLE="text-align: right">19</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_018">Analysis of the quarter, by subsidiary and segment</A></TD>
                                                                   <TD STYLE="text-align: right">&#9;20</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 5pt; color: #5F6062">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt">4.</TD><TD STYLE="width: 40%"><A HREF="#a_019">Appendix</A>&#9;</TD><TD>&#9;</TD>
                                                                   <TD STYLE="text-align: right">21</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_020">Power generation&rsquo;s main operational KPIs</A>&#9;</TD>
                                                                   <TD STYLE="text-align: right">21</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_021">Oil and gas production in the main areas</A>&#9;</TD>
                                                                   <TD STYLE="text-align: right">22</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 5pt; color: #5F6062">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt">5.</TD><TD STYLE="width: 40%"><A HREF="#a_022">Glossary of terms</A> </TD><TD>&#9;</TD>
                                                                   <TD STYLE="text-align: right">22</TD></TR>
</TABLE>

<P STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"></P>

<P STYLE="font: 9pt/107% Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><BR STYLE="clear: both">
&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 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_004"></A>1.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Power generation segment</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #20396D"><B><I>Wind expansion: acquisition
of VAR and development of PEPE IV and PEPE VI</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On December
16, 2022, Pampa acquired 100% of VAR, a company formerly owned by the Provincial Government of La Rioja. VAR operates PEA, a 100-MW wind
farm located in Arauco, province of La Rioja. It has been selling its output under a 20-year RenovAr PPA since March 2020. The acquisition
price amounts to US$170 million, of which US$128 million were paid at closing, while the balance will be settled in 12 monthly installments
during 2023.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Regarding
the expansion projects, 4 of the 18 4.5 MW Vestas wind turbines were commissioned in PEPE IV on December 29, 2022, and 4 additional wind
turbines were online on February 25, 2023 (a total of 36 MW). Therefore, the full COD is estimated by the second quarter of 2023. Moreover,
the construction of PEPE VI was announced on February 2023, a project that comprises 300 MW of wind energy in three stages. The first
stage will install 94.5 MW, disbursing approximately US$186 million over a total investment exceeding US$500 million for the entire project.
PEPE VI is located next to PEMC and PEPE II, 18 km from the city of Bah&iacute;a Blanca, province of Buenos Aires. Pampa will mount 21
Vestas wind turbines, projecting its commissioning by the third quarter of 2024. Both wind farms will sell energy in the MAT ER under
US$-PPA with private parties.</P>

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">As of February
22, 2023, at midnight, CAMMESA commercially commissioned CTEB&rsquo;s EBARTV01 unit for a gross capacity of up to 260 MW, thus completing
the CCGT project. Since this milestone, CTEB bills the stipulated remuneration under the 10-year PPA with CAMMESA under SE Res. No. 220/07.
Consequently, CTEB&rsquo;s total gross capacity amounts to 827 MW, contributing a cleaner and more efficient plant to the national power
grid.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Pampa, a
co-controller shareholder with YPF, jointly invested more than US$250 million in the project. With this milestone, the guarantees&rsquo;
resolutory condition as guarantors of CTBSA&rsquo;s CB is fulfilled.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Updates to the legacy
remuneration scheme (energy sold under spot or without PPA)</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">In December
2022, SE Res No. 826/22 increased 20% of the remuneration scheme as of June 2022, which is applicable from September 2022. Moreover, the
Res. set a cumulative raise of 10% in December, 25% in February and 28% in August 2023. Finally, the Res. replaces the HMRT power remuneration
with peak-hour energy generation as of November 2022.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Differential remuneration
for CCGT under legacy energy</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt; color: #5F6062">SE Res.
No. 59/23 was published on February 7, 2023, seeking to promote the CCGT&rsquo;s operational performance under the legacy energy scheme.
Power producers are encouraged to execute a PPA with CAMMESA for up to 5 years, committing to maintain at least 85% net capacity availability.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt; color: #5F6062">In consideration,
the capacity will be partially priced in US$, combining: <B>(i)</B> US$2,000/MW-month payment, linearly decreasing if availability falls
below 85%, but setting a US$600/MW-month floor if availability is less than 50%; and <B>(ii)</B> 65% of the legacy&rsquo;s capacity with
DIGO price in AR$ for summer and winter, and 85% for the rest of the year. Moreover, the energy price generated by firing natural gas
is US$3.5/MWh, US$6.1/MWh using FO o GO and US$8.7/MWh using biofuel. Operated and generated energy in peak hours will continue being
remunerated in AR$ as legacy energy.</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Power producers
may adhere to the Res. from 90 days after its publication. Pampa is analyzing because two CCGTs would apply under this scheme, CTLL and
CTGEBA, with a 1,239 MW total capacity.</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_005"></A>1.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Oil and gas segment</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #20396D"><B><I>Plan Gas.Ar: rounds 4
y 5</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On December
22, 2022, rounds 4 (Neuquina Basin) and 5 (Austral Basin) were awarded through SE Res. No 860/22. In particular, rounds 4.1 and 5.1 extended
most of the annual base volume from December 2024 until December 2028 under the following conditions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol; font-size: 9pt; color: #0070C0">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">Round 1: 48.0
million m<SUP>3</SUP>/day at a price of US$3.592/MBTU in Neuquina Basin and 2.4 million m<SUP>3</SUP>/day at a price of US$3.479/MBTU
in Austral Basin; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol; font-size: 9pt; color: #0070C0">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">Round 3: 3 million
m<SUP>3</SUP>/day priced at US$3.435/MBTU at Neuquina Basin.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt; color: #5F6062">Round 4.2
awarded new volumes until December 2028, which can be limited up to 30% with ENARSA as offtake to industrial clients and/or GNC, subject
to the SE&rsquo;s approval:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol; font-size: 9pt; color: #0070C0">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">Annual flat
commitment since July 2023: 11 million m<SUP>3</SUP>/day at a price of US$3.41/MBTU;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol; font-size: 9pt; color: #0070C0">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">Annual flat
commitment since January 2024: 3 million m<SUP>3</SUP>/day at a price of US$2.989/MBTU;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol; font-size: 9pt; color: #0070C0">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">Peak commitment
(winter) from 2024: 7 million m<SUP>3</SUP>/day at a price of US$4.249/MTBU; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol; font-size: 9pt; color: #0070C0">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">Peak commitment
(winter) from 2025: 7 million m<SUP>3</SUP>/day at a price of US$3.597/MTBU.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt; color: #5F6062">Finally,
round 5.2 awarded the maximum incremental volume vs. round 1 for 3.3 million m<SUP>3</SUP>/day at a price of US$7.319/MBTU for 2023-2028.
CAMMESA is the client, with a daily DoP and monthly ToP of 80%.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt; color: #5F6062">Through
round 4.1 results, Pampa extended until 2028 4.9 million m<SUP>3</SUP>/day awarded from round 1 at US$3.60/MBTU and 2 million m<SUP>3</SUP>/day
from round 3 for US$3.347/MBTU. In addition, Pampa was granted an annual flat volume in round 4.2 for 4.8 million m<SUP>3</SUP>/day at
US$3.485/MBTU, deliverable from July 2023.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt; text-align: center"><IMG SRC="pampr4q226k_001.jpg" ALT=""></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 3pt 0 12pt; text-align: justify; color: #5F6062"><B>Note</B>: Production assumes
maximum daily volumes are delivered per contract.</P>

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">PEN Executive
Order No. 730/22, issued on November 4, 2022, allows exports on a firm basis even in winter, prioritizing producers with the most competitive
prices and/or contributing with a higher volume under Plan Gas.Ar, always prioritizing internal supply.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Therefore,
SE Res. No. 774/22 was issued on November 16, 2022, establishing the following: <B>(i)</B> No producer will export more than 30% of the
authorized export quota per basin or more than 50% of the commitment under Plan Gas.Ar; <B>(ii)</B> ToP export quotas per basin are assigned
for higher offered volume (45%) and price (55%); <B>(iii) </B>export volume
will reduce Plan Gas.Ar commitment only during off-peak months ; <B>(iv) </B>minimum price will be the higher between a percentage of
Brent set by the applicable authority and the seasonal-adjusted Plan Gas.Ar price; <B>(v) </B>reduction on committed volumes under Plan
Gas.Ar with CAMMESA and/or ENARSA (previously, reductions were available only with CAMMESA).</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- 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: 0.5in; color: #5F6062">In February
2023, the SE approved Pampa&rsquo;s export requests on a ToP basis to Chile for a maximum of 1.31 million m<SUP>3</SUP>/day between May-June
2023 (winter months).</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Foreign currency
scheme access for incremental hydrocarbon production</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">SE Res. No.
13/23, dated January 13, 2023, instrumented the foreign currency access regime (MULC) for the incremental oil and gas production (scheme
initially created by PEN Executive Order No. 277/22).</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Access to
MULC will be allowed to pay principal and interests on commercial or financial liabilities held with foreign parties, including liabilities
with non-resident related companies, and/or profit and dividends corresponding to full audit annual financial statements, and/or repatriation
of direct investment made by non-resident companies.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">In the case
of natural gas, the MULC quota equals 30% of the incremental injection valued at the rolling 12-month-weighted average export price of
Argentina, net of export duties. For oil, the quota is equivalent to 20% of the quarter&rsquo;s incremental production valued at Brent&rsquo;s
rolling 12-month-average quote, defined by the applicable authority, net of export duties and adjusted by the crude oil&rsquo;s quality<SUP>[4]</SUP>.
Moreover, the quotas may be assigned to direct suppliers, associated third parties and/or block operators.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Pampa submitted
a request to join both schemes and the quota benefits calculations for the third and fourth quarters of 2022. However, as of today, the
SE has not responded to our request.</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>Other news</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #20396D"><B><I>Transener and TGS&rsquo;s
tariff situation</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On December
2022, Transener and Transba&rsquo;s tariff schemes dated February 2022 were incremented by 155% and 154%, respectively, applicable since
January 1, 2023 (ENRE Res. No. 698/22 and 702/22).</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On the other
hand, TGS&rsquo;s public hearing took place on January 4, 2023, requesting a 135% tariff increase on March 2022&rsquo;s schemes, to be
applicable since February 2023. As of today, TGS is awaiting a response from ENARGAS.</P>

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On February
2023, TGS partially commissioned expansion works in the Tratay&eacute;n plant, installing two gas conditioning modules of 3.5 million
m3/day each. It is estimated that the commissioning will be completed during Q2 2023. Consequently, the plant&rsquo;s total conditioning
capacity will reach 15 million m<SUP>3</SUP>/day.</P>

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">The shareholders&rsquo;
meeting of Pampa, dated December 27, 2022, approved the appointment of Mar&iacute;a Renata Scafati as an independent board member, replacing
Santiago Fraschina until term completion. Hence, 40% of the Board of Pampa comprises female members.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in; color: #5F6062"><FONT STYLE="font-size: 7pt"><SUP>&nbsp;</SUP></FONT></P>

<HR COLOR="Black" ALIGN="LEFT" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0pt; text-align: left; color: #5F6062"><FONT STYLE="font-size: 7pt"><SUP>4
</SUP>1.13 for Medanito, 0.92 for Escalante and 1 for Northwest oil.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0pt; text-align: left; color: #5F6062"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; text-align: left">Figures in million</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">As of 12.31.2022</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">As of 12.31.2021</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">AR$</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">US$ FX 177,16</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">383,464</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,165</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">24,364</TD>
    <TD STYLE="color: #4F5150; text-align: right">138</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">1,521</TD>
    <TD STYLE="color: #4F5150; text-align: right">9</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">6,326</TD>
    <TD STYLE="color: #4F5150; text-align: right">36</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">159,833</TD>
    <TD STYLE="color: #4F5150; text-align: right">902</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">18,000</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">4,867</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">2,998</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">91</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">3,415</TD>
    <TD STYLE="color: #4F5150; text-align: right">19</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">601,881</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,397</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">30,724</TD>
    <TD STYLE="color: #4F5150; text-align: right">173</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">1,357</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">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">103,856</TD>
    <TD STYLE="color: #4F5150; text-align: right">586</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">161</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">83,328</TD>
    <TD STYLE="color: #4F5150; text-align: right">470</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">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">18,757</TD>
    <TD STYLE="color: #4F5150; text-align: right">106</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">238,183</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,344</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="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">840,064</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">4,742</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">403,463</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,277</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">1,157</TD>
    <TD STYLE="color: #4F5150; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">609</TD>
    <TD STYLE="color: #4F5150; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="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">404,620</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,284</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">26,062</TD>
    <TD STYLE="color: #4F5150; text-align: right">147</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">31,728</TD>
    <TD STYLE="color: #4F5150; text-align: right">179</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">19,854</TD>
    <TD STYLE="color: #4F5150; text-align: right">112</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">4,908</TD>
    <TD STYLE="color: #4F5150; text-align: right">28</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">237,437</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,340</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">3,757</TD>
    <TD STYLE="color: #4F5150; text-align: right">21</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">323,746</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,827</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">779</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">927</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">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">4,966</TD>
    <TD STYLE="color: #4F5150; text-align: right">28</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">1,021</TD>
    <TD STYLE="color: #4F5150; text-align: right">6</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">5,627</TD>
    <TD STYLE="color: #4F5150; text-align: right">32</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">318</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</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">48,329</TD>
    <TD STYLE="color: #4F5150; text-align: right">273</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">49,731</TD>
    <TD STYLE="color: #4F5150; text-align: right">281</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">111,698</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">630</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">435,444</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,458</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">840,064</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">4,742</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>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0"><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;<BR STYLE="clear: both">
</P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- 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: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_009"></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>


<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">Fiscal year</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">Fourth 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: 32%">&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: 8%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 8%">US$</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: 8%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 8%">US$</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: 8%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 8%">US$</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: 8%">AR$</TD>
    <TD STYLE="color: white; border-right: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 8%">US$</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">242,182</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1,829</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">144,641</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1,508</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">73,434</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">448</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">40,901</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">406</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; 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">196,723</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">1,478</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">121,638</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">1,270</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">59,861</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">364</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">33,063</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">328</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; 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">45,459</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">351</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">23,003</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">238</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">13,573</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">84</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">7,838</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">78</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">(150,891)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1,148)</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">(91,342)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(955)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(46,094)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(283)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(28,690)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(289)</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">91,291</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">681</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">53,299</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">553</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">27,340</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">165</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">12,211</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">117</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">(7,218)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(56)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(3,156)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(33)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(2,273)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(15)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1,404)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(15)</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">(18,708)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(138)</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">(9,507)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(99)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(6,319)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(37)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(3,206)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(32)</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">(50)</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">(61)</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">(27)</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">(11)</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">19,066</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">131</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">10,196</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">105</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">8,721</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">52</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1,332</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">13</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">(5,952)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(46)</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">(5,360)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(58)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1,743)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(737)</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">(1,142)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(220)</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">(470)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">9</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">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">(4,925)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(38)</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">(332)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(665)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(160)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(2)</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">16,089</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">105</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">11,567</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">117</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">2,479</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">3,436</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">32</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">88,451</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">631</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">56,426</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">579</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">27,043</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">150</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">11,470</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">106</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">768</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">847</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">171</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">228</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">3</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">(30,488)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(221)</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">(17,512)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(185)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(12,361)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(73)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(3,384)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(34)</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">25,558</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">166</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">(1,545)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">21,450</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">133</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(4,358)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(43)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(4,162)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(50)</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">(18,210)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(189)</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">9,260</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">59</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">(7,514)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(74)</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">84,289</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">581</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">38,216</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">390</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">36,303</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">209</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">3,956</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">32</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">(19,389)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(124)</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">(7,301)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(77)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(14,165)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(98)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">485</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">6</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">64,900</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">457</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">30,915</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">313</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">22,138</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">111</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">4,441</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">38</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">64,900</TD>
    <TD STYLE="font-weight: bold; text-align: right">457</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">23,786</TD>
    <TD STYLE="font-weight: bold; text-align: right">238</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">22,138</TD>
    <TD STYLE="font-weight: bold; text-align: right">111</TD>
    <TD STYLE="color: red; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">4,441</TD>
    <TD STYLE="font-weight: bold; text-align: right">38</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Attributable to the owners of the Company</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">64,859</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">456</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">27,097</TD>
    <TD STYLE="font-weight: bold; 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-weight: bold; font-style: italic; vertical-align: middle; text-align: right">22,411</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">113</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">4,520</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">39</TD></TR>
  <TR>
    <TD STYLE="padding-left: 30px; font-style: italic; vertical-align: middle; text-align: left">Continuing operations</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">64,859</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">456</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">30,823</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">312</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">22,411</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">113</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">4,520</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">39</TD></TR>
  <TR>
    <TD STYLE="padding-left: 30px; font-style: italic; vertical-align: middle; text-align: left">Discontinued operations</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">(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: 15px; font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Attributable to the non-controlling interests</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">41</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(3,311)</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(35)</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">(273)</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(2)</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">(79)</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">46.97</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.33</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">19.29</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.19</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">16.24</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.08</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">3.27</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.03</TD></TR>
  <TR>
    <TD STYLE="padding-left: 30px; font-style: italic; vertical-align: middle; text-align: left">From continuing operations</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">46.97</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">0.33</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">21.94</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">0.22</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">16.24</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">0.08</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">3.27</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">0.03</TD></TR>
  <TR>
    <TD STYLE="padding-left: 30px; font-style: italic; vertical-align: middle; text-align: left">From discontinued operations</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">(2.65)</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">1,174.13</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">8.26</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">482.15</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">4.86</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">406.00</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">2.05</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">81.77</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.71</TD></TR>
  <TR>
    <TD STYLE="padding-left: 30px; font-style: italic; vertical-align: middle; text-align: left">From continuing operations</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">1,174.13</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">8.26</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">548.45</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">5.55</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">406.00</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">2.05</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">81.77</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">0.71</TD></TR>
  <TR>
    <TD STYLE="padding-left: 30px; font-style: italic; vertical-align: middle; text-align: left">From discontinued operations</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">(66.30)</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: right">(0.70)</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">1,405</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,405</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">1,382</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,382.0</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"></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 December 31, 2022 and 2021 amounted to 3.9 million common
shares.</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_010"></A>2.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Cash and financial borrowings</B></FONT></TD></TR></TABLE>

<TABLE 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: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white">As of December 31, 2022,<BR>
in US$ million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #1A458C; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; background-color: #1A458C; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; background-color: #1A458C; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; background-color: #1A458C; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="background-color: #1A458C; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="background-color: #1A458C; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="background-color: #1A458C; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><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: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">528</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">524</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">688</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">688</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>161</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>165</B></FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt"><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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>(0)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>(0)</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">172</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">172</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">925</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">925</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>753</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>753</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: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>Total under IFRS/Restricted Group</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>700</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>696</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,613</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,613</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>913</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>917</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">98</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">98</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">308</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">308</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>210</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>210</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: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>Total with affiliates</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>798</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>794</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,921</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,921</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,123</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,127</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 1.35pt 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 increased to US$1,613 million as of December 31, 2022 (+12% vs. the end of 2021).
Net debt only increased by 5%, reaching US$913 million. The average interest rate for US$-bearing indebtedness was 8.4%, in which 84%
of the Company&rsquo;s gross debt is denominated, mainly at a fixed rate. US$-link indebtedness&rsquo;s rate was 0%, and AR$ indebtedness&rsquo;s
average interest rate was 65.1%. Pampa&rsquo;s consolidated financial debt averaged 3.6 years. The chart below shows the principal maturity
profile, net of repurchases, in US$ million by the end of Q4 22:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><IMG SRC="pampr4q226k_002.jpg" ALT=""></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; 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></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">During
Q4 22, Pampa issued the US$-link Series XIII CB for US$49.8 million at a 0% rate, maturing on December 2027. Pampa took net import pre-financing
for US$0.8 million and short-term bank debt for AR$290 million. Moreover, Pampa paid US$9.1 million in pre-financings. After the quarter&rsquo;s
closing, Pampa issued Series XV CB for a total of AR$18,264<SUP>[5]</SUP> million at a Private Badlar plus 2% floating rate, maturing
in 18 months, and re-opened Series XIII CB, issuing US$48.2 million. Also, Pampa paid short-term net bank debt for AR$10,065 million and
net import pre-financing for US$0.7 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, CTBSA re-opened the Series VI CB in US$-link on Q4 22, issuing US$58.6 million at a 0% rate, maturing in May 2025. Series
VI&rsquo;s US$10.8 million was exchanged with Series I CB, of which US$32.2 million is still outstanding. Additionally, CTBSA paid the
syndicated loan&rsquo;s final installment for US$2 million. Likewise, TGS took net import pre-financing for US$1 million, while Transener
paid borrowings for AR$83 million. After the quarter&rsquo;s closing, Transener paid borrowings for AR$56 million.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 12pt; text-align: left; color: #5F6062"><FONT STYLE="font-size: 7pt"><SUP>&nbsp;</SUP></FONT></P>

<HR COLOR="Black" ALIGN="LEFT" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 12pt; text-align: left; color: #5F6062"><FONT STYLE="font-size: 7pt"><SUP>5
</SUP>Two issuances in 2023: January 11 (AR$10,379 million) and March 6 (AR$7,885 million).</FONT></P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 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 STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series XIII<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; text-align: right">2027</TD>
    <TD STYLE="color: #5F6062; text-align: right">98</TD>
    <TD STYLE="color: #5F6062; text-align: right">98</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</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<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>4</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right">2023</TD>
    <TD STYLE="color: #5F6062; text-align: right">32</TD>
    <TD STYLE="color: #5F6062; text-align: right">32</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</TD>
    <TD STYLE="color: #5F6062; text-align: right">2025</TD>
    <TD STYLE="color: #5F6062; text-align: right">84</TD>
    <TD STYLE="color: #5F6062; text-align: right">84</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="3" 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 STYLE="color: #5F6062; text-align: center">CB Series XV<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>5</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right">2024</TD>
    <TD STYLE="color: #5F6062; text-align: right">18,264</TD>
    <TD STYLE="color: #5F6062; text-align: right">18,264</TD>
    <TD STYLE="color: #5F6062; text-align: center">Badlar Privada +2%</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</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</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> Includes re-opening
for US$48.2 million issued post-Q4 22. <B>4</B> Includes partial cancelation (US$10.8 million). <B>5</B> Issued post-Q4 22.</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: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS, Times, Serif; margin-top: 12pt; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt"><A NAME="a_011"></A>3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Analysis of the Q4 22 results</FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 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">Q4 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">Q4 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">163</TD>
    <TD STYLE="color: #5F6062; text-align: right">86</TD>
    <TD STYLE="color: #5F6062; text-align: right">55</TD>
    <TD STYLE="color: #5F6062; text-align: right">155</TD>
    <TD STYLE="color: #5F6062; text-align: right">105</TD>
    <TD STYLE="color: #5F6062; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+5%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-19%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+75%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Oil and Gas</TD>
    <TD STYLE="color: #5F6062; text-align: right">155</TD>
    <TD STYLE="color: #5F6062; text-align: right">72</TD>
    <TD STYLE="color: #5F6062; text-align: right">(8)</TD>
    <TD STYLE="color: #5F6062; text-align: right">119</TD>
    <TD STYLE="color: #5F6062; text-align: right">46</TD>
    <TD STYLE="color: #5F6062; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+30%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+57%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+60%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Petrochemicals</TD>
    <TD STYLE="color: #5F6062; text-align: right">154</TD>
    <TD STYLE="color: #5F6062; text-align: right">15</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; text-align: right">144</TD>
    <TD STYLE="color: #5F6062; text-align: right">9</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+7%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+68%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-50%</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">10</TD>
    <TD STYLE="color: #5F6062; text-align: right">63</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">38</TD>
    <TD STYLE="color: #5F6062; text-align: right">9</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-43%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-74%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Eliminations</TD>
    <TD STYLE="color: #5F6062; text-align: right">(28)</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</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">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+47%</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">448</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">183</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">113</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">406</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">198</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">39</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+10%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">-7%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+187%</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"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_012"></A>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">Fiscal year</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">Fourth 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: 50%">Consolidated operating income</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">631</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">579</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: 12%">150</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">106</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">212</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">205</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">52</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">58</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">843</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">784</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">202</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">164</TD></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">(23)</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">29</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">2</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">8</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of equity income</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(65)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(47)</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">(15)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; 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: 15px; 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: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(24)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(24)</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">(7)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(4)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">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: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of PPE activation in operating expenses</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">21</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">&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">5</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Greenwind's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">11</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">3</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">CTBSA's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">78</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">19</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">28</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">11</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">1</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of 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">30</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">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">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">(3)</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">(0)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-left: 15px; 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">2</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">2</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">2</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of inventory 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">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: bottom; text-align: right">&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></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD>
    <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">58</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">73</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">(23)</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">24</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of equity income</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(40)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(70)</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">(7)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(17)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(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: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of contigencies provision&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">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">-</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-left: 15px; 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">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; 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">6</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: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of Arbitration Award in Ecuador</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(37)</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">(37)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">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">119</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">123</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">22</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">39</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Transener's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">14</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">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <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">908</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">899</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">183</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">198</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">At our ownership</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">906</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">899</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">183</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">198</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_013"></A>3.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the power generation
segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Power generation segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Fiscal year</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">Fourth 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%">663</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">656</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">+1%</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">163</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">155</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">+5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; 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">663</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">656</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+1%</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">155</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; 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">(370)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(355)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+4%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(92)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(89)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+3%</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">293</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">301</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">71</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">66</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">+8%</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">(3)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</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">(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">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(39)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(31)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+26%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(10)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(10)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</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">25</TD>
    <TD STYLE="color: #4F5150; text-align: right">42</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-40%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+17%</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">(5)</TD>
    <TD STYLE="color: #4F5150; 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">(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">Impairment of intangible assets and inventories</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">65</TD>
    <TD STYLE="color: #4F5150; text-align: right">47</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">(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: #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">336</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">350</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>
    <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">63</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; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; 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">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">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-75%</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">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(82)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(46)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+78%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(35)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+150%</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">72</TD>
    <TD STYLE="color: #4F5150; text-align: right">(14)</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">83</TD>
    <TD STYLE="color: #4F5150; text-align: right">(27)</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">(9)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(56)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">-84%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">48</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(40)</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">327</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">294</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>
    <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">111</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">+217%</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">(73)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(75)</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">(58)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</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">254</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">219</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+16%</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">30</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+77%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-style: italic; text-align: left">Attributable to owners of the Company</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">253</TD>
    <TD STYLE="font-style: italic; text-align: right">218</TD>
    <TD STYLE="font-style: italic; text-align: right">+16%</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">55</TD>
    <TD STYLE="font-style: italic; text-align: right">31</TD>
    <TD STYLE="font-style: italic; text-align: right">+75%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">Attributable to non-controlling interests</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">-</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">(2)</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">+43%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">395</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">467</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; text-align: right">86</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">105</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-19%</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">394</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">467</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-16%</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">86</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">106</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-19%</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">115</TD>
    <TD STYLE="color: #5F6062; text-align: right">39</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+195%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-50%</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">82</TD>
    <TD STYLE="color: #4F5150; text-align: right">88</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-7%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-5%</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">The
5% increase in power generation </FONT><FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">during Q4 22 is mainly
explained by higher volumes and prices in legacy energy. Said pricing scheme is denominated in AR$ and had 20% and 10% cumulative increases
in September and December 2022, respectively<SUP>[6]</SUP>, exceeding the nominal depreciation of 20% in Q4 22. The capacity remuneration
for our thermal legacy units was US$4.0 thousand/MW-month (+13% vs. Q4 21) and US$2.1 thousand/MW-month for hydros (+10% vs. Q4 21). 73%
of the 5,088 MW operated by Pampa<SUP>[7]</SUP> is composed of legacy energy but represented just 32% of the Q4 22 segment&rsquo;s sales.
</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">Q4 22 sales
also increased because of PEMC&rsquo;s consolidation and higher gas volume assigned to CAMMESA as the second CTGEBA&rsquo;s CCGT had a
major overhaul in Q4 21. It is worth highlighting that fuel income only applies to PPAs under Energ&iacute;a Plus and SEE Res. No. 287/17,
and in turn, the gas purchases to our E&amp;P impact power generation costs. CAMMESA provides the remaining fuel for our thermal units
without earning sales or accruing costs.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">Those
effects were partially offset by lesser PPA income due to contract maturities in CTLL&rsquo;s ST and CTP (remunerated as legacy energy
since November and July 2021, respectively) and the export incentive collected in Q4 21 from CAMMESA, discontinued in January 2022. In
addition, we recorded an incident in CTLL&rsquo;s GT05 in December 2022, which was put back on service in mid-January 2023.</P>

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

<HR COLOR="Black" ALIGN="LEFT" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>6</SUP> Increases granted in December 2022. For further information, see
section 1.1 of this release.</P>

<P STYLE="margin: 0; font: 7pt Verdana, Helvetica, Sans-Serif; color: #5F6062"><SUP>7</SUP> Under IFRS, we do not consolidate CTEB (567 MW) in our financial
statements since it is an affiliate. However, it is an asset operated by Pampa and its EBITDA is incorporated to our shareholding to the
total adjusted EBITDA.</P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>operating terms</B></FONT><FONT STYLE="color: #5F6062">, Pampa&rsquo;s operated power generation
grew 11% vs. Q4 21, while the Argentine power grid recorded a drop of 1%. The higher generation was mainly due to Q4 21&rsquo;s programmed
overhauls in CTEB, CTLL&rsquo;s CCGT and second CTGEBA&rsquo;s CCGT, partially offset by CTLL GT05&rsquo;s outage and lesser gas availability
in CTGEBA during Q4 22 (+343 GWh). Additionally, the higher output was explained by greater gas availability in CPB (+234 GWh) and better
nature conditions in HPPL (+162 GWh) and wind farms (+38 GWh). However, these increases were partially offset by the gas depletion from
Bolivia impacted in CTG and CTP (-199 GWh), lower liquid fuels usage in CTIW and CTPP (-43 GWh), and lesser water in HINISA and HIDISA
(-32 GWh).</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>availability</B></FONT> <FONT STYLE="color: #5F6062">of Pampa&rsquo;s operated units reached 96.5%
in Q4 22 (+93 basis vs. Q4 21&rsquo;s 95.5%), mainly because of Q4 21&rsquo;s programmed maintenance in CTLL&rsquo;s CCGT and CTGEBA&rsquo;s
second CCGT and CPB&rsquo;s outage in Q4 21, partially offset by CTLL&rsquo;s GT05 incident in December 2022. Therefore, the thermal
availability rate slightly improved from 95.3% in Q4 21 to 96.1% in Q4 22 (+76 basis points).</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>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: left">Power generation's <BR>
key performance indicators&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">2022</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">2021</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 0.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Hydro</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Wind</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Hydro</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Wind</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Hydro</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Wind</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left; width: 25%">Installed capacity (MW)</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%">938</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%">324</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%">3,826</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 6%">5,088</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%">938</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%">206</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%">3,826</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 6%">4,970</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 6%">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 6%">+57%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 6%">-</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; width: 6%">+2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">New capacity (%)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">100%</TD>
    <TD STYLE="color: #5F6062; text-align: center">28%</TD>
    <TD STYLE="font-weight: bold; text-align: center">27%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">100%</TD>
    <TD STYLE="color: #5F6062; text-align: center">43%</TD>
    <TD STYLE="font-weight: bold; text-align: center">37%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-15%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-10%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Market share (%)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.2%</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.8%</TD>
    <TD STYLE="color: #5F6062; text-align: center">8.9%</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.9%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.2%</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.5%</TD>
    <TD STYLE="color: #5F6062; text-align: center">8.9%</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.6%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+0%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+0%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+0%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">Fiscal year</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Net generation (GWh)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">1,438</TD>
    <TD STYLE="color: #5F6062; text-align: right">888</TD>
    <TD STYLE="color: #5F6062; text-align: right">15,985</TD>
    <TD STYLE="font-weight: bold; text-align: center">18,311</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">1,343</TD>
    <TD STYLE="color: #5F6062; text-align: right">838</TD>
    <TD STYLE="color: #5F6062; text-align: right">15,252</TD>
    <TD STYLE="font-weight: bold; text-align: center">17,433</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+7%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+6%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+5%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Volume sold (GWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">1,438</TD>
    <TD STYLE="color: #5F6062; text-align: right">897</TD>
    <TD STYLE="color: #5F6062; text-align: right">17,133</TD>
    <TD STYLE="font-weight: bold; text-align: center">19,468</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">1,342</TD>
    <TD STYLE="color: #5F6062; text-align: right">870</TD>
    <TD STYLE="color: #5F6062; text-align: right">16,246</TD>
    <TD STYLE="font-weight: bold; text-align: center">18,458</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+7%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+3%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+5%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Average price (US$/MWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">23</TD>
    <TD STYLE="color: #5F6062; text-align: right">70</TD>
    <TD STYLE="color: #5F6062; text-align: right">39</TD>
    <TD STYLE="font-weight: bold; text-align: right">39</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">22</TD>
    <TD STYLE="color: #5F6062; text-align: right">70</TD>
    <TD STYLE="color: #5F6062; text-align: right">47</TD>
    <TD STYLE="font-weight: bold; text-align: right">46</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+3%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-1%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-17%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-16%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="color: #5F6062; text-align: left">Average gross margin (US$/MWh)</TD>
    <TD STYLE="color: #5F6062; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; text-align: right">58</TD>
    <TD STYLE="color: #5F6062; text-align: right">23</TD>
    <TD STYLE="font-weight: bold; text-align: right">23</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; text-align: right">58</TD>
    <TD STYLE="color: #5F6062; text-align: right">31</TD>
    <TD STYLE="font-weight: bold; text-align: right">30</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+64%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-1%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-27%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-24%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">Fourth quarter</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Net generation (GWh)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">550</TD>
    <TD STYLE="color: #5F6062; text-align: right">233</TD>
    <TD STYLE="color: #5F6062; text-align: right">4,391</TD>
    <TD STYLE="font-weight: bold; text-align: right">5,175</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">419</TD>
    <TD STYLE="color: #5F6062; text-align: right">195</TD>
    <TD STYLE="color: #5F6062; text-align: right">4,055</TD>
    <TD STYLE="font-weight: bold; text-align: right">4,670</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+31%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+19%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+8%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+11%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Volume sold (GWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">550</TD>
    <TD STYLE="color: #5F6062; text-align: right">223</TD>
    <TD STYLE="color: #5F6062; text-align: right">4,696</TD>
    <TD STYLE="font-weight: bold; text-align: right">5,470</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">419</TD>
    <TD STYLE="color: #5F6062; text-align: right">203</TD>
    <TD STYLE="color: #5F6062; text-align: right">4,405</TD>
    <TD STYLE="font-weight: bold; text-align: right">5,028</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+31%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+10%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+7%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+9%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Average price (US$/MWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">16</TD>
    <TD STYLE="color: #5F6062; text-align: right">69</TD>
    <TD STYLE="color: #5F6062; text-align: right">31</TD>
    <TD STYLE="font-weight: bold; text-align: right">31</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">18</TD>
    <TD STYLE="color: #5F6062; text-align: right">71</TD>
    <TD STYLE="color: #5F6062; text-align: right">42</TD>
    <TD STYLE="font-weight: bold; text-align: right">41</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-11%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-3%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-25%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-24%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="color: #5F6062; text-align: left">Average gross margin (US$/MWh)</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">58</TD>
    <TD STYLE="color: #5F6062; text-align: right">17</TD>
    <TD STYLE="font-weight: bold; text-align: right">17</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">-3</TD>
    <TD STYLE="color: #5F6062; text-align: right">57</TD>
    <TD STYLE="color: #5F6062; text-align: right">27</TD>
    <TD STYLE="font-weight: bold; text-align: right">26</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-188%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+1%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-37%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-33%</TD></TR>
  </TABLE>
<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>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 4pt; text-align: center"><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, operated by Pampa (50% equity stake).</P>

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Without
depreciation and amortizations, net </FONT><FONT STYLE="color: #00B0F0"><B>operating costs</B></FONT> <FONT STYLE="color: #5F6062">rose
5% vs. Q4 21, mainly due to higher gas purchases either for generation or assigned to CAMMESA, and increased labor costs, which outnumbered
the AR$ devaluation. Additionally, the lower electricity procured is explained by CTGEBA&rsquo;s Plus unit outage in Q4 21. However, these
effects were partially offset by a rise in delay interests from CAMMESA and lower maintenance costs.</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>Financial
results</B></FONT> <FONT STYLE="color: #5F6062">from Q4 22 reached a net profit of US$48 million, while in Q4 21, a loss of US$40 million
was recorded, mainly due to gains from the holding of financial instruments, partially offset by a raise of interests due to a higher
debt stock in AR$ and the PEMC&rsquo;s consolidation, in addition to higher foreign exchange losses from receivables.</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>Adjusted
EBITDA</B></FONT> <FONT STYLE="color: #5F6062">from the power generation segment reached US$86 million in Q4 22 (-19% vs. Q4 21), mainly
due to the end of CTLL, CTP and CTEB&rsquo;s certain PPAs, CTLL&rsquo;s GT05 outage and the rise of labor costs in US$, partially offset
by higher legacy sales, PEMC&rsquo;s consolidation and lower maintenance costs. In addition, the adjusted EBITDA considers CTEB (CTBSA)&rsquo;s
50% ownership (US$2 million in Q4 22 vs. US$19 million in Q4 21) and PEMC (Greenwind)&rsquo;s 50% share capital for US$3 million in Q4
21<SUP>[8]</SUP>. Adjusted EBITDA excludes items such as the commercial interests for late collection, mainly charged to CAMMESA, and
PPE&rsquo;s expenses as operating costs.</FONT></P>

<HR COLOR="Black" ALIGN="LEFT" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>8</SUP><FONT STYLE="font-size: 7pt; color: rgb(95,96,98)">
As of August
12, 2022 PEMC is consolidated into Pampa&rsquo;s financial statemets.</FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><FONT STYLE="font-size: 7pt; color: rgb(95,96,98)"></FONT></P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Finally,
</FONT><FONT STYLE="color: #00B0F0"><B>capital investments</B></FONT> <FONT STYLE="color: #5F6062">without CTEB registered US$16 million
in Q4 22 (vs. US$32 million in Q4 21), mainly due to the advanced stage of the PEPE IV expansion project. The PEPE VI project was announced
after the closing of Q4 22.</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: left">Project</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">MW</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Marketing</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Currency</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Awarded price</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Estimated capex in <BR>
US$ million<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 700; color: white"><SUP>1</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Date of <BR>
commissioning</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Capacity per<BR>
MW-month</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Variable<BR>
per MWh</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Total <BR>
per MWh</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Budget</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">% Executed <BR>
@12/31/22</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">Closing to CC Ensenada</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: right">260</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">PPA for 10 years</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">US$</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: right">23,962</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: right">10.5</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: right">43</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: right">253</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">91%</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">22-Feb-23</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; text-align: left">Pampa Energ&iacute;a IV<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11.7pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right">45</TD>
    <TD STYLE="color: #5F6062; text-align: center">MAT ER</TD>
    <TD STYLE="color: #5F6062; text-align: center">US$</TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; 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; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">128</TD>
    <TD STYLE="color: #5F6062; text-align: center">79%</TD>
    <TD STYLE="color: #5F6062; text-align: center">Q2 2023 (est.)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: left">Pampa Energ&iacute;a VI</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">94.5</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">62<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">186</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">0%</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">Q3 2024 (est.)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6.5pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 0 12pt; text-align: justify; color: #5F6062"><B>Note: 1</B> Amount without
value-added tax. <B>2</B> 18 MW out of 81 MW was commissioned on December 29, 2022. An additional 18 MW was commissioned on February
25, 2023. <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"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_014"></A>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">Fiscal year</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">Fourth 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%">646</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">453</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">+43%</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">155</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">119</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">+30%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; 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">487</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">395</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+23%</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">107</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">90</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+19%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; 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">159</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">58</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+174%</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">47</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+63%</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">(359)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(289)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+24%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(89)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(89)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <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">287</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">164</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">+75%</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">66</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">30</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">+120%</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">(36)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(18)</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">(9)</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">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(60)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(46)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+30%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(16)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+14%</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">61</TD>
    <TD STYLE="color: #4F5150; text-align: right">58</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">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">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(26)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(28)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-7%</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></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">(2)</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">1</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">(30)</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">&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">194</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">130</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+49%</TD>
    <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">41</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</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">+273%</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">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">-</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">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(107)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(103)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+4%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(24)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(17)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+41%</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">(28)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(16)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+75%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(9)</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: #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">(133)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(116)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">+15%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(33)</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">+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; 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">14</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">NA</TD>
    <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">8</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">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">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(16)</TD>
    <TD STYLE="color: #4F5150; text-align: right">8</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">(16)</TD>
    <TD STYLE="color: #4F5150; text-align: right">10</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">45</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">22</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+105%</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">(8)</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">(5)</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+60%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; 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">347</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">255</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+36%</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">72</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">46</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+57%</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">324</TD>
    <TD STYLE="color: #5F6062; text-align: right">213</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+52%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">114</TD>
    <TD STYLE="color: #4F5150; text-align: right">67</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+70%</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">125</TD>
    <TD STYLE="color: #4F5150; text-align: right">114</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+10%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">30</TD>
    <TD STYLE="color: #4F5150; text-align: right">35</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-14%</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"></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
Q4 22, </FONT><FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">from the oil and gas segment grew 30% vs.
Q4 21, mainly due to the high gas export prices to Chile and the increased volume of gas and oil sold, partially offset by a lower volume
of gas exported.</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"></FONT></P>


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; 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 1.5pt solid; text-align: left">Oil and gas'<BR>
key performance indicators&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">2022</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">2021</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 0.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Oil</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Oil</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Oil</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; width: 34%">Fiscal year</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; 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; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; 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; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Volume</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Production</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">9,811</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.7</TD>
    <TD STYLE="color: #5F6062; text-align: right">8,004</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+14%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+23%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">+22%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">346</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">283</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">5.3</TD>
    <TD STYLE="color: #5F6062; text-align: right">57.7</TD>
    <TD STYLE="font-weight: bold; text-align: right">63.1</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.7</TD>
    <TD STYLE="color: #5F6062; text-align: right">47.1</TD>
    <TD STYLE="font-weight: bold; text-align: right">51.8</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Sales</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">9,842</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.7</TD>
    <TD STYLE="color: #5F6062; text-align: right">8,122</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+16%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+21%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">+21%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">348</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">287</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">5.3</TD>
    <TD STYLE="color: #5F6062; text-align: right">57.9</TD>
    <TD STYLE="font-weight: bold; text-align: right">63.3</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.6</TD>
    <TD STYLE="color: #5F6062; text-align: right">47.8</TD>
    <TD STYLE="font-weight: bold; text-align: right">52.4</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Average Price</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In US$/bbl</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">69.6</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">58.8</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">+18%</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">+16%</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In US$/MBTU</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.2</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.6</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">Fourth quarter</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Volume</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Production</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.9</TD>
    <TD STYLE="color: #5F6062; text-align: right">9,493</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">8,987</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+10%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+6%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">+6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">335</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">317</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">5.7</TD>
    <TD STYLE="color: #5F6062; text-align: right">55.9</TD>
    <TD STYLE="font-weight: bold; text-align: right">61.6</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">5.2</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.9</TD>
    <TD STYLE="font-weight: bold; text-align: right">58.1</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Sales</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.9</TD>
    <TD STYLE="color: #5F6062; text-align: right">9,368</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.7</TD>
    <TD STYLE="color: #5F6062; text-align: right">8,962</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+18%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+5%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">+6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">331</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">316</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">5.5</TD>
    <TD STYLE="color: #5F6062; text-align: right">55.1</TD>
    <TD STYLE="font-weight: bold; text-align: right">60.7</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.7</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.7</TD>
    <TD STYLE="font-weight: bold; text-align: right">57.4</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Average Price</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In US$/bbl</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">66.9</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">58.6</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">+14%</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">+24%</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In US$/MBTU</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.9</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.1</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062">&nbsp;</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, total production reached 61.6 kboe/day
in Q4 22 (+6% vs. Q4 21 but -10% vs. Q3 22 due to seasonality). </FONT><FONT STYLE="color: #00B0F0"><B>Gas production</B></FONT> <FONT STYLE="color: #5F6062">reached
9.5 million m<SUP>3</SUP>/day (+6% vs. Q4 21 and -11% vs. Q3 22), mainly explained by the higher delivery volumes under Plan Gas.Ar, offset
by lower exports to Chile. Analyzing by block, El Mangrullo recorded 6.9 million m<SUP>3</SUP>/day (+9% vs. Q4 21 and -15% vs. Q3 22),
comprising 72% 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, -25% vs. Q4 21 and similar to Q3 22). At R&iacute;o Neuqu&eacute;n and Sierra Chata, the
year-on-year production was similar. Still, compared to the previous quarter, R&iacute;o Neuqu&eacute;n raised 5% its deliveries, while
Sierra Chata decreased by 10% due to the demand seasonality.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Our
</FONT><FONT STYLE="color: #00B0F0"><B>gas price</B></FONT> <FONT STYLE="color: #5F6062">in Q4 22 was US$3.9/MBTU (+24% vs. Q4 21 but
-20% vs. Q3 22 due to seasonality), mainly driven by exports with prices better than the local market, and to a lower extent, a slight
increase in the industrial segment.</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
Q4 22, our </FONT><FONT STYLE="color: #00B0F0"><B>gas deliveries</B></FONT> <FONT STYLE="color: #5F6062">were allocated as follows: 28%
as raw material to our thermal power units<SUP>[9]</SUP> and petchem plants, 23% sold to CAMMESA, 22% to the industrial/spot market, 14%
to retail and 13% exported. On the other hand, in Q4 21, 40% of our gas deliveries were sold to the industrial/spot market, 22% was fired
at our thermal and petrochemicals plants, 21% was exported, 15% supplied the retail segment, and the rest was sold directly to CAMMESA.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Oil
production </B></FONT><FONT STYLE="color: #5F6062">reached 5.7 kbbl/day in Q4 22 (+10% vs. Q4 22 and +5% vs. Q3 22), mainly due to higher
foreign demand: 83% of the volume sold in Q4 22 was placed in the domestic market vs. 93% in Q4 21. Production grew at Gobernador Ayala,
Los Blancos and R&iacute;o Neuqu&eacute;n (+0.7 kbbl/day vs. Q4 21), offset by a slight decline of 0.2 kbbl/day at El Tordillo.</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>

<HR COLOR="Black" ALIGN="LEFT" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: rgb(95,96,98)"><SUP>9</SUP>
</FONT><FONT STYLE="font-size: 7pt; color: rgb(95,96,98)">Plus Energy and SEE Res. No. 287/17.</FONT><FONT STYLE="color: #5F6062">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><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>oil price</B></FONT> <FONT STYLE="color: #5F6062">in Q4 22 increased by 14% year-on-year, reaching
US$66.9/barrel, mainly explained by the rise of the international Brent reference and the improvement of 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 Q4 22, we accounted for 895 </FONT><FONT STYLE="color: #00B0F0"><B>productive wells</B></FONT> <FONT STYLE="color: #5F6062">vs.
884 as of December 31, 2021.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Pampa&rsquo;s
</FONT><FONT STYLE="color: #00B0F0"><B>proven reserves (P1)</B></FONT> <FONT STYLE="color: #5F6062">by the end of 2022 amounted to 179
million boe, 14% higher than the 157 million boe recorded by the end of 2021. The higher shale reserve quantification from the Vaca Muerta
formation mainly explains this increase, essentially driven by the performance of pilot wells at El Mangrullo and Sierra Chata blocks.
During 2022, we tripled the certified shale volume, reaching 44 million boe, comprising 24% of Pampa&rsquo;s P1 reserves (vs. 14 million
boe or 9% of the 2021 P1 reserves). The tight gas addition is mainly from El Mangrullo and, to a lesser extent, from R&iacute;o Neuqu&eacute;n.</FONT></P>

<P STYLE="margin: 0; font: 9pt Verdana, Helvetica, Sans-Serif; color: #5F6062">Considering the production levels and additional reserves
achieved in 2022, the replacement ratio amounted to 2.0, and the average reserve life was approximately 8.0 years. Moreover, 94% of the
reserves are natural gas and 6% oil.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #0081C6"><B>Pampa&rsquo;s total proven reserves</B></P>
    <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #0081C6">As of December 31, 2022</P>
    <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #0081C6">100%
    = 179 million boe</P>

<IMG SRC="pampr4q226k_005.jpg" ALT="">&nbsp; </TD>
  <TD STYLE="width: 50%">&nbsp;<TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #0081C6"><B>Evolution of Pampa&rsquo;s certified
    proven reserves</B></P>
    <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #0081C6">In
    million boe</P>
    <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #0081C6"><IMG SRC="pampr4q226k_006.jpg" ALT="">&nbsp;</P>
    <P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #0081C6">&nbsp;</P></TD>

</TR>
</TABLE>

<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">Net
</FONT><FONT STYLE="color: #00B0F0"><B>operating costs</B></FONT> <FONT STYLE="color: #5F6062">in Q4 22, excluding depreciation, amortization
and Plan Gas.Ar compensation grew 10% vs. Q4 21, mainly because of the higher activity (treatment and transportation), royalties, levies
and taxes from higher price and volume sold, as well as increased costs in labor, partially offset by the reclassification of PPE made
in Q4 21 well repair campaign to production cost. Compared to Q3 22, net operating expenses decreased by 12%, mainly due to seasonality
(royalties and lower activity) and oil stock consumption in Q3 22, partially offset by the higher transportation cost of exported gas.
As a result, lifting cost reached US$7.0/boe produced in Q4 22 (-3% vs. Q4 21 but +5% vs. Q3 22).</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>Financial
results</B></FONT> <FONT STYLE="color: #5F6062">in Q4 22 recorded a net loss of US$33 million (+27% vs. Q4 21), mainly due to higher losses
from devaluation over receivables and the Plan Gas.Ar&rsquo;s subsidy component, in addition to the increased interests from the higher
stock of AR$-debt, 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$72 million in Q4 22 (+57% vs. Q4 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 increased royalties
and payroll. The adjusted EBITDA of Q4 22 excludes the impairment of inventories.</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,
in Q4 22, </FONT><FONT STYLE="color: #00B0F0"><B>capital expenditures</B></FONT> <FONT STYLE="color: #5F6062">amounted to US$114 million
(+70% vs. Q4 22), mainly driven by the growing commitments under Plan Gas.Ar.</FONT></P>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062"></FONT></P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_015"></A>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">Fiscal year</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">Fourth 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%">617</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">490</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">+26%</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">154</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">144</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">+7%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; 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">425</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">310</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+37%</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">117</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">95</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+23%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; 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">192</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">180</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">37</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">49</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-25%</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">(536)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(424)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+26%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(131)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(130)</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">81</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">66</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">23</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">14</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">+64%</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">(17)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(13)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+31%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+25%</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">(5)</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">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</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">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">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">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">(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">(4)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+300%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Impairment of inventories</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">(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">&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">52</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">45</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">+16%</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">12</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <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">(3)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</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">6</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">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: #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">(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">-</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <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">55</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">+38%</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">12</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; 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">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">(12)</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">(10)</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: #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">40</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">28</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+43%</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">2</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">4</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">-50%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; 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">59</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">50</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+18%</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">15</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">9</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+68%</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">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+17%</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">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</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">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
petrochemicals segment&rsquo;s </FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">reached
US$15 million in Q4 22 (+68% vs. Q4 21), mainly explained by the rise in local price and demand of reforming products, in addition to
the lower costs of virgin naphtha and higher domestic sales of polystyrene, partially offset by lower margin and demand of styrene and
SBR. The adjusted EBITDA excludes the impairment of inventories. The adjusted EBITDA fell 21% quarter-on-quarter, mainly due to lower
reforming prices and decreased SBR volume sold, partially offset by off-peak gas costs.</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 grew 5% vs. Q4 21 to 120 thousand ton, mainly
explained by local demand hike of octane bases associated with the recovery in gasoline consumption, offset by lower export of gasoline
and sales of styrene products. Moreover, in Q4 21, 6 thousand ton of bases and gasoline were dispatched as toll processing, which was
not recorded as volume sold.</FONT></P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Products</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; 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%">Fiscal year</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; 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 2022 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">114</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">46</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">262</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">421</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Volume sold 2021 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">114</TD>
    <TD STYLE="color: #4F5150; text-align: right">49</TD>
    <TD STYLE="color: #4F5150; text-align: right">254</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">417</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation 2022 vs. 2021</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">-1%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-7%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="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 2022 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">2,093</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">2,310</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">1,044</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">1,464</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Average price 2021 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,778</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,003</TD>
    <TD STYLE="color: #4F5150; text-align: right">740</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">1,174</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation 2022 vs. 2021</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">+18%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+15%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+41%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">+25%</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">Fourth quarter</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; 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="color: white; font-weight: bold; border-top: white 1.5pt solid; 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="color: white; font-weight: bold; border-top: white 1.5pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Volume sold Q4 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: right">30</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">81</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">120</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Volume sold Q4 21 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; text-align: right">70</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">114</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q4 22 vs. Q4 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">-9%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-13%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+15%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">+5%</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 Q4 22 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">1,939</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">2,282</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">926</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">1,285</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Average price Q4 21 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,846</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,318</TD>
    <TD STYLE="color: #4F5150; text-align: right">831</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">1,266</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q4 22 vs. Q4 21</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+5%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-2%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+11%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">+2%</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
Q4 22, no </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">were recorded. In Q4 21, a
US$1 million net loss was recorded, explained by higher gains from AR$ devaluation over certain raw material suppliers, partially offset
by higher losses from holding financial securities.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Capital
expenditures</B></FONT> <FONT STYLE="color: #5F6062">reached US$2 million in Q4 22 vs. US$1 million in Q4 21.</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"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_016"></A>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">Fiscal year</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">Fourth 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%">20</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 8%">22</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">-9%</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%">7</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 8%">-43%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; 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">20</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-9%</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">7</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-43%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; 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">20</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">22</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">-9%</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">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">-43%</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">(34)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(18)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+89%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(10)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+43%</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">44</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</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">38</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: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(9)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(22)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-59%</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></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">(6)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+200%</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 intangible assets</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">(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">40</TD>
    <TD STYLE="color: #4F5150; text-align: right">70</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-43%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-59%</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">49</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">54</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">-9%</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">33</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">14</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">+136%</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">9</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+125%</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">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(36)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(34)</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">(15)</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: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">116</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</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">58</TD>
    <TD STYLE="color: #4F5150; text-align: right">(6)</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">89</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(12)</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">44</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(7)</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">138</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">42</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">+229%</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">77</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">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">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(20)</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">(14)</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">&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">118</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">44</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+168%</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">63</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">9</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; 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">107</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">127</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-16%</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">10</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">38</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-74%</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">5</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+127%</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">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>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062"></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$27 million </FONT><FONT STYLE="color: #00B0F0"><B>operating
profit,</B></FONT> <FONT STYLE="color: #5F6062">while in Q4 21, it was a US$3 million loss, mainly explained by the arbitration award
obtained in Ecuador for US$37 million, in addition to lower fees to third parties, partially offset by the updated executive compensation
and lower accrued fees.</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
Q4 22, </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">reached a net gain of US$44 million,
while in Q4 21, it was a net loss of US$7 million, mainly due to FX difference gains over tax debt, partially offset by higher 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 74%, recording US$10 million in Q4 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. Besides, it excludes the impairment of intangible assets
and Ecuador&rsquo;s award in Q4 22.</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>TGS</B></FONT><FONT STYLE="color: #5F6062">, the EBITDA adjusted by our stake was US$22 million
in Q4 22 vs. US$39 million in Q4 21. The decline in the total adjusted EBITDA was mainly due to lower international reference prices and
regulated income (although tariffs were increased in March 2022, they failed to offset the evolution of AR$ devaluation), in addition
to the higher cost of gas in US$, used to replace thermal reduction at Cerri. However, these effects were partially offset by ethane price
hikes, higher dispatched liquid volume and lower maintenance costs.</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 stake recorded a
loss of US$2 million in Q4 22 vs. a gain of US$2 million in Q4 21, mainly because the AR$ devaluation outnumbered the tariff increase.</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>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_017"></A>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 fiscal year,
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">Fiscal year 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">Fiscal year 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">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; text-align: right">(6)</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</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">(3)</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">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Greenwind<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">22</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">72</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(4)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(7)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</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">(36)</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">11</TD>
    <TD STYLE="color: #5F6062; text-align: right">36</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: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">CTBSA</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">67</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">278</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">82</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">156</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">220</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">98</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(33)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(139)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(41)</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">(78)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(110)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(49)</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">33</TD>
    <TD STYLE="color: #5F6062; text-align: right">139</TD>
    <TD STYLE="color: #5F6062; text-align: right">41</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">78</TD>
    <TD STYLE="color: #5F6062; text-align: right">110</TD>
    <TD STYLE="color: #5F6062; text-align: right">49</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">352</TD>
    <TD STYLE="color: #5F6062; text-align: right">161</TD>
    <TD STYLE="color: #5F6062; text-align: right">209</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">378</TD>
    <TD STYLE="color: #5F6062; text-align: right">167</TD>
    <TD STYLE="color: #5F6062; text-align: right">168</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal power generation</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">395</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">300</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">253</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">467</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">302</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">218</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">347</TD>
    <TD STYLE="color: #5F6062; text-align: right">753</TD>
    <TD STYLE="color: #5F6062; text-align: right">45</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">255</TD>
    <TD STYLE="color: #5F6062; text-align: right">801</TD>
    <TD STYLE="color: #5F6062; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal oil &amp; gas</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">347</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">753</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">45</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">255</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">801</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">22</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">59</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">40</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">50</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">28</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal petrochemicals</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">59</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">40</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">50</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">28</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Holding &amp; others segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Transener</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">41</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(32)</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: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">54</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(31)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(13)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(30)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">24</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(7)</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">(40)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">22</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">9</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">11</TD>
    <TD STYLE="color: #5F6062; text-align: right">(8)</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</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">14</TD>
    <TD STYLE="color: #5F6062; text-align: right">(8)</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: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">TGS</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">407</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">271</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">182</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">425</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">310</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">204</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(288)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(192)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(129)</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">(302)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(220)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(145)</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">119</TD>
    <TD STYLE="color: #5F6062; text-align: right">79</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">29.2%</TD>
    <TD STYLE="color: #5F6062; text-align: right">123</TD>
    <TD STYLE="color: #5F6062; text-align: right">90</TD>
    <TD STYLE="color: #5F6062; text-align: right">59</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">(23)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">62</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">(11)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(91)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(12)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal holding &amp; others</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">107</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">71</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">118</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">127</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(9)</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></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">(210)</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">(229)</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">908</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">913</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">456</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">899</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">866</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">312</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; border-right: white 1.5pt solid; border-bottom: #5F6062 1pt solid; text-align: left">At our share ownership</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">906</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1,127</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">456</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">899</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1,099</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">312</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: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- 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"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_018"></A>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">Q4 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">Q4 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">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">(6)</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">(3)</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">(5)</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="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Greenwind<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">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">72</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</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">(36)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(0)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal Greenwind adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</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">36</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">CTBSA</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">278</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(3)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">38</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">220</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">31</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(2)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(139)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(19)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(110)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(15)</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">139</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">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">19</TD>
    <TD STYLE="color: #5F6062; text-align: right">110</TD>
    <TD STYLE="color: #5F6062; text-align: right">15</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">84</TD>
    <TD STYLE="color: #5F6062; text-align: right">161</TD>
    <TD STYLE="color: #5F6062; text-align: right">60</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">85</TD>
    <TD STYLE="color: #5F6062; text-align: right">167</TD>
    <TD STYLE="color: #5F6062; text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal power generation</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">86</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">300</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">105</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">302</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">31</TD></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">72</TD>
    <TD STYLE="color: #5F6062; text-align: right">753</TD>
    <TD STYLE="color: #5F6062; text-align: right">(8)</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">46</TD>
    <TD STYLE="color: #5F6062; text-align: right">801</TD>
    <TD STYLE="color: #5F6062; text-align: right">(5)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal oil &amp; gas</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">72</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">753</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(8)</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">46</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">801</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></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">15</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</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">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">9</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal petrochemicals</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">15</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">2</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">9</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">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Holding &amp; others segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Transener</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(6)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(32)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(5)</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">8</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(31)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(3)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">24</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">4</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">(6)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">22</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 Transener adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(2)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(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">2</TD>
    <TD STYLE="color: #5F6062; text-align: right">(8)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">TGS</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">75</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">271</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: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">133</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">310</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">73</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(53)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(192)</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: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(94)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(220)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(52)</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">22</TD>
    <TD STYLE="color: #5F6062; text-align: right">79</TD>
    <TD STYLE="color: #5F6062; text-align: right">8</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">29.2%</TD>
    <TD STYLE="color: #5F6062; text-align: right">39</TD>
    <TD STYLE="color: #5F6062; text-align: right">90</TD>
    <TD STYLE="color: #5F6062; text-align: right">21</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">(10)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">57</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">(3)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(91)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(12)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal holding &amp; others</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">71</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">63</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">38</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(9)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">9</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">(210)</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">(229)</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">183</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">913</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">113</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">198</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">866</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">39</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; border-right: white 1.5pt solid; border-bottom: #5F6062 1pt solid; text-align: left">At our share ownership</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">183</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1,127</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">113</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">198</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1,099</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">39</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>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt"><A NAME="a_019"></A>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"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_020"></A>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">Power generation's<BR>
key performance indicators&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Hydroelectric</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Wind</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: center">Subtotal<BR>
hydro<BR>
+wind</TD>
    <TD COLSPAN="10" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">HINISA</TD>
    <TD STYLE="color: white; text-align: center">HIDISA</TD>
    <TD STYLE="color: white; text-align: center">HPPL</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">PEMC<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: center">PEPE2</TD>
    <TD STYLE="color: white; text-align: center">PEPE<BR>
3-4<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: center">PEA<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">CTLL</TD>
    <TD STYLE="color: white; text-align: center">CTG</TD>
    <TD STYLE="color: white; text-align: center">CTP</TD>
    <TD STYLE="color: white; text-align: center">CPB</TD>
    <TD STYLE="color: white; text-align: center">CTPP</TD>
    <TD STYLE="color: white; text-align: center">CTIW</TD>
    <TD STYLE="color: white; text-align: center">CTGEBA</TD>
    <TD STYLE="color: white; text-align: center">Eco-<BR>
Energ&iacute;a</TD>
    <TD STYLE="color: white; text-align: center">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>4</SUP></FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">Subtotal</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 18%">Installed capacity (MW)</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">265</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">388</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">285</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">100</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">53</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">71</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">100</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right; width: 5%">1,262</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">780</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">361</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">30</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">620</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">100</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">100</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">1,253</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">14</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 4%">567</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right; width: 5%">3,826</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 4%">5,088</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">New capacity (MW)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">71</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">324</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">184</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">565</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">14</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">1,064</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right">1,388</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Market share</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.6%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.9%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.7%</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">2.9%</TD>
    <TD STYLE="color: #4F5150; text-align: center">1.8%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.8%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; text-align: center">1.4%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">2.9%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.03%</TD>
    <TD STYLE="color: #4F5150; text-align: center">1.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">8.9%</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.9%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">Fiscal year</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Net generation 2022 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">428</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">303</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">707</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">391</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">231</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">250</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">2,326</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">5,103</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">225</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">52</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">1,209</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">321</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">308</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">7,746</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">73</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">948</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">15,985</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">18,311</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Market share</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.5%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.01%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1.7%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">3.7%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.0%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.9%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">5.6%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.7%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">11.6%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">13.3%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Sales 2022 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">428</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">303</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">707</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">391</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">256</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">250</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">2,335</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">5,103</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">469</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">52</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">1,209</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">321</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">308</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">8,571</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">152</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">948</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">17,133</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">19,468</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Net generation 2021 (GWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">467</TD>
    <TD STYLE="color: #4F5150; text-align: right">325</TD>
    <TD STYLE="color: #4F5150; text-align: right">550</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">367</TD>
    <TD STYLE="color: #4F5150; text-align: right">215</TD>
    <TD STYLE="color: #4F5150; text-align: right">256</TD>
    <TD STYLE="color: #4F5150; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">2,181</TD>
    <TD STYLE="color: #4F5150; text-align: right">4,682</TD>
    <TD STYLE="color: #4F5150; text-align: right">392</TD>
    <TD STYLE="color: #4F5150; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; text-align: right">312</TD>
    <TD STYLE="color: #4F5150; text-align: right">299</TD>
    <TD STYLE="color: #4F5150; text-align: right">301</TD>
    <TD STYLE="color: #4F5150; text-align: right">8,594</TD>
    <TD STYLE="color: #4F5150; text-align: right">75</TD>
    <TD STYLE="color: #4F5150; text-align: right">546</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">15,252</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">17,433</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation 2022 vs. 2021</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-8%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-7%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+29%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+6%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+7%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-2%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center">+7%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+9%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-43%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-1%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+7%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+2%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-10%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+74%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center">+5%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Sales 2021 (GWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">467</TD>
    <TD STYLE="color: #4F5150; text-align: right">325</TD>
    <TD STYLE="color: #4F5150; text-align: right">550</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">367</TD>
    <TD STYLE="color: #4F5150; text-align: right">247</TD>
    <TD STYLE="color: #4F5150; text-align: right">256</TD>
    <TD STYLE="color: #4F5150; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">2,212</TD>
    <TD STYLE="color: #4F5150; text-align: right">4,692</TD>
    <TD STYLE="color: #4F5150; text-align: right">624</TD>
    <TD STYLE="color: #4F5150; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; text-align: right">313</TD>
    <TD STYLE="color: #4F5150; text-align: right">299</TD>
    <TD STYLE="color: #4F5150; text-align: right">300</TD>
    <TD STYLE="color: #4F5150; text-align: right">9,266</TD>
    <TD STYLE="color: #4F5150; text-align: right">153</TD>
    <TD STYLE="color: #4F5150; text-align: right">546</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">16,246</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">18,458</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Avg. price 2022 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">23</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">38</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">69</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">74</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">66</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">41</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">19</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">77</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">41</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">118</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">99</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">39</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">90</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">39</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">39</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Avg. price 2021 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; text-align: right">34</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">71</TD>
    <TD STYLE="color: #4F5150; text-align: right">73</TD>
    <TD STYLE="color: #4F5150; text-align: right">67</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">41</TD>
    <TD STYLE="color: #4F5150; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; text-align: right">45</TD>
    <TD STYLE="color: #4F5150; text-align: right">84</TD>
    <TD STYLE="color: #4F5150; text-align: right">75</TD>
    <TD STYLE="color: #4F5150; text-align: right">126</TD>
    <TD STYLE="color: #4F5150; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; text-align: right">34</TD>
    <TD STYLE="color: #4F5150; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">47</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">46</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Avg. gross margin 2022 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">60</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">54</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">58</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">25</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">94</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">73</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">70</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">23</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Avg. gross margin 2021 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; text-align: right">55</TD>
    <TD STYLE="color: #4F5150; text-align: right">58</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">25</TD>
    <TD STYLE="color: #4F5150; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; text-align: right">41</TD>
    <TD STYLE="color: #4F5150; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; text-align: right">103</TD>
    <TD STYLE="color: #4F5150; text-align: right">78</TD>
    <TD STYLE="color: #4F5150; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">Fourth quarter</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Net generation Q4 22 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">171</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">278</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">56</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">59</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">783</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">1,215</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">386</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">41</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">55</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">2,173</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">459</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">4,391</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">5,175</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Market share</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.5%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.8%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.05%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">2.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">3.5%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">6.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">12.6%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">14.8%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Sales Q4 22 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">171</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">278</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">63</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">59</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">773</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">1,215</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">387</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">41</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">55</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">2,389</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">35</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">459</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">4,696</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">5,470</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Net generation Q4 21 (GWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">200</TD>
    <TD STYLE="color: #4F5150; text-align: right">104</TD>
    <TD STYLE="color: #4F5150; text-align: right">116</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">86</TD>
    <TD STYLE="color: #4F5150; text-align: right">52</TD>
    <TD STYLE="color: #4F5150; text-align: right">58</TD>
    <TD STYLE="color: #4F5150; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">615</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,061</TD>
    <TD STYLE="color: #4F5150; text-align: right">222</TD>
    <TD STYLE="color: #4F5150; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; text-align: right">152</TD>
    <TD STYLE="color: #4F5150; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; text-align: right">77</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,182</TD>
    <TD STYLE="color: #4F5150; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; text-align: right">260</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">4,055</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">4,670</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q4 22 vs. Q4 21</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-14%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">####</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+17%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+9%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center">+27%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+14%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-88%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-17%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-34%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-29%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-0%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+15%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+76%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center">+8%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+11%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Sales Q4 21 (GWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">200</TD>
    <TD STYLE="color: #4F5150; text-align: right">104</TD>
    <TD STYLE="color: #4F5150; text-align: right">116</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">86</TD>
    <TD STYLE="color: #4F5150; text-align: right">59</TD>
    <TD STYLE="color: #4F5150; text-align: right">58</TD>
    <TD STYLE="color: #4F5150; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">623</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,071</TD>
    <TD STYLE="color: #4F5150; text-align: right">290</TD>
    <TD STYLE="color: #4F5150; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; text-align: right">152</TD>
    <TD STYLE="color: #4F5150; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; text-align: right">77</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,440</TD>
    <TD STYLE="color: #4F5150; text-align: right">30</TD>
    <TD STYLE="color: #4F5150; text-align: right">261</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">4,405</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">5,028</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Avg. price Q4 22 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">28</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">70</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">72</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">66</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">88</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">131</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">34</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">31</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Avg. price Q4 21 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">72</TD>
    <TD STYLE="color: #4F5150; text-align: right">74</TD>
    <TD STYLE="color: #4F5150; text-align: right">67</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">35</TD>
    <TD STYLE="color: #4F5150; text-align: right">25</TD>
    <TD STYLE="color: #4F5150; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; text-align: right">52</TD>
    <TD STYLE="color: #4F5150; text-align: right">149</TD>
    <TD STYLE="color: #4F5150; text-align: right">97</TD>
    <TD STYLE="color: #4F5150; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; text-align: right">43</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">42</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="color: #4F5150; font-weight: bold">Avg. gross margin Q4 22 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">54</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">57</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">19</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">14</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">94</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">19</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Avg. gross margin Q4 21 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(11)</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; text-align: right">54</TD>
    <TD STYLE="color: #4F5150; text-align: right">56</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; text-align: right">120</TD>
    <TD STYLE="color: #4F5150; text-align: right">75</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">26</TD></TR>
  </TABLE>
<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> On December 29, 2022, 18 MW of PEPE IV was commissioned, plus another 18 MW on February 25, 2023. <B>3 </B>Acquired
on December 16, 2022. <B>4 </B>Operated by Pampa (50% equity stake)</P>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: left">In kboe/day at ownership</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Fiscal year</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Fourth quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">2022</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">2021</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Variation</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">2022</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">2021</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; width: 38%">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">El Mangrullo</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">41.9</TD>
    <TD STYLE="color: #5F6062; text-align: right">32.6</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+28%</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">40.3</TD>
    <TD STYLE="color: #5F6062; text-align: right">37.0</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+9%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">R&iacute;o Neuqu&eacute;n</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">8.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">7.2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+23%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">9.1</TD>
    <TD STYLE="color: #5F6062; text-align: right">9.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Sierra Chata</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.9</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+23%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.3</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.3</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Rinc&oacute;n del Mangrullo<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">2.0</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-34%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">1.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">2.4</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Others</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">1.2</TD>
    <TD STYLE="color: #5F6062; text-align: right">1.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+7%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">1.3</TD>
    <TD STYLE="color: #5F6062; text-align: right">1.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+18%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Total gas at O/S</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">57.7</TD>
    <TD STYLE="font-weight: bold; text-align: right">47.1</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+23%</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">55.9</TD>
    <TD STYLE="font-weight: bold; text-align: right">52.9</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">Oil</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">El Tordillo<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">2.6</TD>
    <TD STYLE="color: #5F6062; text-align: right">2.5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+5%</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">2.7</TD>
    <TD STYLE="color: #5F6062; text-align: right">2.9</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-7%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Gobernador Ayala</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">1.1</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.9</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+17%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">1.2</TD>
    <TD STYLE="color: #5F6062; text-align: right">1.0</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+28%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Associated oil<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">1.1</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.9</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+12%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">1.2</TD>
    <TD STYLE="color: #5F6062; text-align: right">1.0</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+18%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Others</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.5</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.3</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+82%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.6</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.4</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+65%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Total oil at O/S</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">5.3</TD>
    <TD STYLE="font-weight: bold; text-align: right">4.7</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+14%</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">5.7</TD>
    <TD STYLE="font-weight: bold; text-align: right">5.2</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+10%</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">&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">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">Total</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">63.1</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">51.8</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">+22%</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">61.6</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">58.1</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">+6%</TD></TR>
  </TABLE>

<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: 24pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt"><A NAME="a_022"></A>5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Glossary of terms</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #20396D">
    <TD STYLE="width: 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: #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-top: #F2F2F2 1pt solid; 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>(Argentine Wholesale Electricity Market Clearing Company)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Corporate Bonds</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CCGT</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Combined Cycle</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CPB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Piedra Buena Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTBSA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CT Barrag&aacute;n S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTEB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Ensenada Barrag&aacute;n Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTG</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">G&uuml;emes Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTGEBA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Genelba Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTIW</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Ingeniero White Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTLL</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Loma De La Lata Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Piquirenda Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CTPP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Parque Pilar Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>D</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">IGO</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Guaranteed Availability Commitments</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">DoP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Deliver 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: #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">ENARGAS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Ente Nacional Regulador del Gas</I> (National Gas Regulatory Entity)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">ENARSA</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 Argentina S.A. (former Integraci&oacute;n Energ&eacute;tica Argentina 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">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>

</TABLE>

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-size: 8pt">Pampa Energ&iacute;a &#9679; Earnings release Q4 22 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr4q226k_009.jpg" ALT="">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">ENRE</FONT></TD>
    <TD STYLE="width: 74%; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Ente Nacional Regulador de la Electricidad</I> (National Electricity Regulatory Entity)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>F</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">S</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Financial Statements</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">FV</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Face value </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">FX</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Nominal exchange rate</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>G</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">reenwind</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Greenwind S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">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">MULC</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Mercado &Uacute;nico y Libre de Cambios</I> (Free and Single Exchange Market)</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"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PEA</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Arauco Wind Farm, stage 1 and 2</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">PEN</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Poder Ejecutivo Nacional </I>(National Executive Branch)</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&rsquo;s Hydrocarbon Basins 2023 &ndash; 2028 Plan (Executive Order No. 730/22) and the Argentine Natural Gas Production Promotion Plan &ndash; 2020 &ndash; 2024 Supply and Demand Scheme (Emergency Executive Order No. 892/20 and supplementary provisions)</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">3 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: #5F6062">Q4 22/Q4 21</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Fourth quarter of 2022/Fourth quarter of 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>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 turbine</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>T</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">GS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Transportadora de Gas del Sur S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Ton</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Metric ton</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">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: #0081C6"><B>V</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">AR</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Vientos de Arauco Renovables S.A.U.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #2172AE; font: bold 10pt Trebuchet MS, Times, Serif; margin: 12pt 0 0.25in; text-align: left">&nbsp;</P>







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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>pampr4q226k_007.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pampr4q226k_007.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" ") /<# 2(  A$! Q$!_\0
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M:VZ6EI#;1EBD,:QJ6ZD 8&:EHHH **** "BBB@ HHHH **** "BBB@ HHHH
MH:Q9O?6!@2""8EU8I,[(" <\,O*GT(K*BT/43';>?<*WE:@MT(WG>7RXPI&T
M.PW,<G/..M=)10!SDVBZDO\ :#6UQ&OVF^6<JLK1EX@H!0N 2A)'4?UJO;>&
M[Z-&\QX5+:G%>8\]Y<(H&1N89)X[_I75T4 8.JZ)/<ZN+^ "7=;B!XC=RVW1
MB0=T><_>(P1Z52F\.7RPQQV45K:R+;I$MQ!=S1M&1U&W!$@';<175T4 (H(4
L!CD@<G'6EHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>pampr4q226k_009.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pampr4q226k_009.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !_ J # 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M %%%% !1110 444R6:.",O*X1?4F@!]%4_MDTG^HLY&7^](0@/Y\_I1YU_\
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MKA1112&%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>pampr4q226k_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pampr4q226k_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "Z HH# 2(  A$! Q$!_\0
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MQ;JEAXI30=(\._VK<&R%XQ^VK!M7>4/WA@\@=^_3BB#QRBZ-K-SJ&FR65_I
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M_P"#*X_^+H_L"S_Y[:E_X,KC_P"+H U**R_[ L_^>VI?^#*X_P#BZ/[ L_\
MGMJ7_@RN/_BZ -2BLO\ L"S_ .>VI?\ @RN/_BZ/[ L_^>VI?^#*X_\ BZ -
M2BLO^P+/_GMJ7_@RN/\ XNC^P+/_ )[:E_X,KC_XN@#4HK+_ + L_P#GMJ7_
M (,KC_XNC^P+/_GMJ7_@RN/_ (N@#4HK+_L"S_Y[:E_X,KC_ .+H_L"S_P">
MVI?^#*X_^+H U**R_P"P+/\ Y[:E_P"#*X_^+H_L"S_Y[:E_X,KC_P"+H U*
M*R_[ L_^>VI?^#*X_P#BZ/[ L_\ GMJ7_@RN/_BZ -2BLO\ L"S_ .>VI?\
M@RN/_BZ/[ L_^>VI?^#*X_\ BZ -2BLO^P+/_GMJ7_@RN/\ XNC^P+/_ )[:
ME_X,KC_XN@#4HK+_ + L_P#GMJ7_ (,KC_XNC^P+/_GMJ7_@RN/_ (N@#4HK
M+_L"S_Y[:E_X,KC_ .+H_L"S_P">VI?^#*X_^+H U**R_P"P+/\ Y[:E_P"#
M*X_^+H_L"S_Y[:E_X,KC_P"+H U**R_[ L_^>VI?^#*X_P#BZ/[ L_\ GMJ7
M_@RN/_BZ -2BLO\ L"S_ .>VI?\ @RN/_BZ/[ L_^>VI?^#*X_\ BZ -2BLO
M^P+/_GMJ7_@RN/\ XNC^P+/_ )[:E_X,KC_XN@#4HK+_ + L_P#GMJ7_ (,K
MC_XNC^P+/_GMJ7_@RN/_ (N@#4HK+_L"S_Y[:E_X,KC_ .+H_L"S_P">VI?^
M#*X_^+H U**R_P"P+/\ Y[:E_P"#*X_^+H_L"S_Y[:E_X,KC_P"+H U**R_[
M L_^>VI?^#*X_P#BZ/[ L_\ GMJ7_@RN/_BZ -2BLO\ L"S_ .>VI?\ @RN/
M_BZ/[ L_^>VI?^#*X_\ BZ -2BLO^P+/_GMJ7_@RN/\ XNC^P+/_ )[:E_X,
MKC_XN@#4HK+_ + L_P#GMJ7_ (,KC_XNC^P+/_GMJ7_@RN/_ (N@#4HK+_L"
MS_Y[:E_X,KC_ .+H_L"S_P">VI?^#*X_^+H U**R_P"P+/\ Y[:E_P"#*X_^
M+H_L"S_Y[:E_X,KC_P"+H U**R_[ L_^>VI?^#*X_P#BZ/[ L_\ GMJ7_@RN
M/_BZ -2BLO\ L"S_ .>VI?\ @RN/_BZ/[ L_^>VI?^#*X_\ BZ -2BLO^P+/
M_GMJ7_@RN/\ XNC^P+/_ )[:E_X,KC_XN@#4HK+_ + L_P#GMJ7_ (,KC_XN
MC^P+/_GMJ7_@RN/_ (N@#4HK+_L"S_Y[:E_X,KC_ .+H_L"S_P">VI?^#*X_
M^+H U**R_P"P+/\ Y[:E_P"#*X_^+H_L"S_Y[:E_X,KC_P"+H U**R_[ L_^
M>VI?^#*X_P#BZ/[ L_\ GMJ7_@RN/_BZ -2BLO\ L"S_ .>VI?\ @RN/_BZ/
M[ L_^>VI?^#*X_\ BZ -2BLO^P+/_GMJ7_@RN/\ XNC^P+/_ )[:E_X,KC_X
MN@#4HK+_ + L_P#GMJ7_ (,KC_XNC^P+/_GMJ7_@RN/_ (N@#4HJ."%;>%(D
M+E5& 9'9V_%F))_$U)0 4444 %%%% !4-W!)<VKQ174UJ[8Q-"$+KSGC>K+[
M<@]:FHH X'PYK5XEOX@U76]?NWL]'U*YM?+,, 5XT VEML88MENQ&3CBK>K^
M/OL#6D5MI%U+<R:E%83P2-&CPEQN7^+!++RO..NXJ1@RP^#;%]*\1Z'=7PG&
MK7DE_(J*%> 2D;.,G.&C.&XR5/'%-N_ B7DYOI;_ /XF;:C;:@TZP81F@7:B
M;,YV[<_Q=3GVH U+WQ39:=JUK87<%Q%]JF%O#.VS8TASA=N[?SCKMV].>:H^
M ]<NM4^']EK&KW(DF99GFF*JHPLCC.%  P%';M5>Z\!FXU%;E=4(0:U'JY62
M#>Y91CR]^[[N!QQ\OO5C2M$L?#/@F/PU>WJ7:F&:/'RQ/.KN0556;KF54Z]6
M7UH EL?&VGZAJ,=E#:7_ )DE@-0C+1##Q,X52/FSDY!Y& .I&#5<?$/2FNC8
MBWNCJ0E$7V+=%OR5+??\SR\8!_CZ\=>*Y.R\-)KVL36,6HW"V":!_9*3M"T$
MI:*<;E"G!<+@*Y'&6QWP.AE^'SS:CJE[)?V4IOS 6MYM-5X1Y493&W=N[Y&U
ME(QSD4 =1-K$$'A^;69(;E((;=[AXGB*2A54L1M;&#QT.*PKCXB:/:Z/-J4T
M%ZJ1VD%Z(3&HD>*5@JLHW8X8X//TSQF>_P!%?3?AMJ&C6SW%[)'ID\,98%I)
M6*-@8'4Y. /H*YV'X>OKGA"%;V\>VO;C2+.R7?;<VT<921E9<@LVX$=L #C(
M)(!U-UXNL+*Z,%Q#<H8_*^TMM4K;>:Q6/>0W\1';.,C.*R/'_BZ32- UB/29
MI$U.RC@=Y5B5UA\R0  [LC)4-V_I4VK>&M(U77KZV;4H$EU)+>2^L?E,DJPM
ME& SD \ G!R!VH\2> TUU=9$&H&S.KQVZW.81)\T+95AR.W!'T],$ L_\)UI
MG_/"\_Y#7]B?<7_7_P![[WW/?K[4EWXU@32+[4+'3;Z\@MX9I8IE11#-Y1(<
M;\_* 0>H&0#M#$8JK/X!5[I7AU$Q0C74ULQF'<3(!\R9W=#V/;G@]K%IX.>T
MTFYT1-49=%DAGACMHX%#J)B2=SG.=I8[<!>O.Z@#-L?&X;4;>\U*XGL[5O#Z
MZE+9&!&1<R8\P2!BQ)' 3'0@G!R*UI_&^G6WE)/:WL=P^H1:>UN44R1R2+N0
MMAL;2O.02>>F<@9,WP]M)3;P:EJB.CZ*FBH@B"%V1O,61<L?F 3.W!^Z35NZ
M\""\O8K^;4!]N.J6VHSRK;X$@@0HL8&[Y1@]<GDGB@"_;^*8]0N;%+*(A)-1
MFT^Z2;AX9(XI'(X)!Y0<Y/!KHJPM!\-1:*^HO)*ETUWJ<VHQLT04PM(-N!R>
M0,C=QD,>*W: "BBB@ HHHH **** "BBB@ IDR-+!)&DKPLRE1(@!9"1U&01D
M>X(]J?10!PNCW6J2>,?$5C>^([UK'1OLTB[HK<;U>,NX<B+IQCY<''?O3M:^
M(]M8>'[K4;/3[B:6.&&XCCFVQAX)6VI-U)VYXQC=G&0 <C8@\+1)K7B.^N)_
M.AUN.&*2W\O&Q4C*$9R=V0?08]ZP[[X>65SI4FGWFJXGGL8M+LY?+566.)O-
M48S\[?)EL8R%Z#&: -W5O%MIH<$4^HV=W! VP2R-Y>(2V,!AORW)P2@8#GGB
MJ_@S5K[5O^$@^VS^;]DUJYM8/D5=D2;=J\ 9QD\GFJ7B'P%)KPU;.K>4VIPV
M\<I:W\P1F)MPV9<;5/.5]><]<[7AW0/[ _M7_2?/_M#49K[_ %>WR_,Q\G4Y
MQCKQ]* *T7C72I)-/B83137UY+9QQ2!0R21DAMP#=,@#C/WE]:P;#XBV+^(-
M45KB_N;8ZC;:=;P"UC589'\Q2P</N=6,9/(!'& :L:IX LYM1UK49-5:V.I!
M%M^JBUG+1X=3N&69XXO0D@#/-9=C\/M,M+BVN+?Q%;F)+G3+U0$4[Q$K1ISO
M_P"6K,<'UX&Z@#9'Q 2X\2Z5I-EIEQ(+JYN+:X=V16ADA'SKC=SC(8G/0_+N
M/ UQXLTXZP=/"3X%S]C^U;1Y7VC;O\K.=V[;SG&.V<\5DV/@$66OQ:NNI%IH
M]4N[\(8/EVW"!6C^]U&T$-_X[4T7@2S@\1RZI$;39+=_;662QCDF$O<+*V2J
M9&[ &0>0PS0!K>&_$-OXGTB+5+.VN8;:7.PSA06PQ4\*Q[K639_$31[S2H]1
M$%[%#+:W%U$)8U#2+!GS%7#$;AC/7'/7KC3\)Z!_PB_AFTT;[3]I^S[_ -]Y
M>S=N=FZ9./O8Z]J\_P##GA:-_!&D+X@OUTR<6M[96D%W&(GCEN&=2<,06)7&
M%X/)Y.1@ [1O'&G)I]M=M:WNV>T-]Y81"Z6P"DRL V-HW#@$DX. :/$WBB'3
M])O$L97:_;3)[V!HD#!%5?ED.>,;BO8_EFJ\O@6)["TA2^,<T6D?V//,(0?-
M@(4' S\K9!(.2!D\&I=4\$V]X/\ 0KG[&W]E2:2?W0<>0P&WC(Y4C\B1QU !
MG:=\1;.'PM/>:C'=S7&F65C+>O'&@\QKA%(*#<!U;GICM6^?$T#WMQ;6EC?7
MGD2M!));QJ468+N\LDL,'!'S'"@G!85S=Q\,5ET2_P!.AU8Q?;K2RMYY#;[L
MM; !6 W< @=,^G/KN6^A-HE_?7MOJR6FES7+W]U$T*YWE0'S(QPJ' 8\9R/O
M8XH P-)\=RZS)X8O;AIM,AOS?%[<11RQS+$N0QD+;D"X/1<D@Y &">@A\9Z;
M-97EUY5TBVUC_: 1T ::W*DB1!GH=I&#@YZ@5D6?PW@MH=$M9-0\ZSTH7L8C
M:##31W (VL=V,C)YQSZ"K</@6)+&[A>^,DTFD?V/!,80/*@ 8#(S\S9().0#
M@<"@ E\;)=PQ1:7%Y=]-:17T,5ZN/.BDX4+M)^8MA.>F=WS 8/75Q]IX LDU
M/3[J_:WU"&TT>/2_L\]JK*Y1@WF\D@'C&,=^M=A0 4444 %%%% !1110 444
M4 %%%% !5/5=0BTG2+S4)S^[MH6E;WP,XJS+-% @>:1(U+*@9V !9B%4<]R2
M /4D5D^*=*BUG09;.ZO%M++>DET[<!H48,RELC:"!RV>!F@#D]%\7ZGH&A:K
M+XQDFNKJR2WN?W,4:L8I@JA0!A3M?<#]/I6]=>.]+L[UK*6"\^TK?P6+1"-2
M5>92T;?>^Z0#[^U9GB+X:P:RDJV>J7-IY]M]GG-Q)+=EU$B2+@R2<8*G@?WC
M4VH> /MWB:;6/[3V>;J-E?>5Y&<?9T9=N=W\6[.<<8Z&@"_:>-]+O-5LM-CB
MNA<W5Q<VNUE7$,D"AG5SN]",8SFHXO'FGS^&8=?BLKXV,BN[$K&K1JK,I)RX
M!Y4\*6/3CFJUGX!6SUD:HFHDW*:I=7\9\GA5G0*T>-W)  (;]*I6GPS-GH\-
MBFLEFCTZYT\N]OE=LSERZIO^5AG!.3D#MV -+PSX@N-:\6^(X1=>=IL$=E+9
M+L VK+$7)SC)SP><U9U[QKIGA\7QGBNI_L$<4ES]G0-Y?F-M0')')Y/T'TRS
MPKX0_P"$9N[V?[=]I^TVUI!M\G9M\B+R\_>.=W7';WKG?'7AZ6_&MV^F0WGV
M[6%M8W3[*S0R&)P0YE (0!200V"=HQ[@'0:EX]TC1[IH-2CNK7,;2Q,ZJ?-"
M@$@*K%E//1@M;.E:JNJPNXL[JV*$ K.JX;(R"K*61A[JQQT.#7)CX<,LNF%=
M9;98-=LI>U6223SP<EV<D,03U*G(].M;7AKP_!X;EN8?M<!FO6\X6T$?DQ($
M 4F./<Q Y7<<GEATR!0 VT\;:9=WSVOE746W49-,\V1 $,Z#. 03P0#CZ<XR
M,YD_C6/5-'T#5-/DO["VOM6AME+VT4AG!9U9""_R*2O+#)'& ><4?#?A:XO=
M0U.741-!;6_B:XU"&"2 J9F  CD5C_#R3T.<#!&#G1M? 'V;PSX?T;^T]W]D
M:BE]YWD8\W:[MLQN^7[^,Y/3I0!HGQKIBVD]\T5V-.B61A?>3F%]C;6 ()(.
M[@;@-W;/-1/XJDN)X(K6W\B:.[C@OK6\VB6)7V[6&UB,?.IR-W) (&2RUO\
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M8HVG(8=S(!"%#$[<$91B"3KV.JRCPO>7UW=(C6;7<;7,D18;89)$$C(N,G"
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M[Q#<S/$UY:7EQ! $7Y5$: _CC#'GKTKI-#N9;S0--NIWWS36L4DC8 RQ4$G
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M\L(S2[5.2?O!0/FSUSC%=O67<Z%;76K2:DTURD[VGV/]U)LPF[=D$<AL]\T
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MG9"#Y8)5=W4 $!?FZJL[4M7CT^2&)8FGEDEB1E4X$:O($#L>PR>!U.#C@,0
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M^P[/-)"*,],@%CCWS6!_PMG0?^?34O\ OVG_ ,71_P +9T'_ )]-2_[]I_\
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MT$J3\N1Z'#$?0F@#)TZ\OI=?N$NY?W$WG?9(8I$=%2)E1BQ"@ABQSC<<;B"
M5YWJIZ?!8K%]HLK6& 2JH)2,*2JC"@X[ <#T%5=:UV/1YM.A,)E>]NDMP V
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MD6.-%"HBC 4#H .PJ8RC+6+*E&47:2L/JKJ.H0:7827ERVV*/ /(&22 !DD
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M/XAFO=1T3PW?Z_87!TP.[:G;P YSC$3,!SMSR1VSB@#N]'(;2;8@@@KU'UK
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M_P#H!KSKP=_R-=E_P/\ ] :O1=?_ .1;U3_KTE_] -?2Y3_!?K_D?)Y[\?\
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M;-7_ .OR7_T(U]$U\[>*?^1LU?\ Z_)?_0C2&9-%%%,1]/UXYKW_ ",&H?\
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MHHHIB.E^'_\ R/.F?[S_ /HMJ]NU?_D"W_\ U[R?^@FO$?A__P CSIG^\_\
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M-=U/HNE7*Q+<:992B)!'&)(%;8HZ*,C@>U5-=M%.DPV\%N/+1U"QHG"J%(
M'0"@#.^'TMW-X9W7$D\D N)%LY+C_6/;@_(3G\?PQ755' "+>,$8(4?RJ2@
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M56ZGNHG5;>S\\%&.[S0@5\J%!SS@@L21G 4\$D"@#Y^_X1K7O^@)J7_@*_\
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ML<"G4 %%1+<V[I ZSQLD^/)8,,29!;Y?7@$\=A4M %#4],.I>1_IMS;"%_,
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MK]&O%VL4,0,8[!&V9  R!SQN8_>.:OV5J+*RBMA*TBQ+M5F5%..PP@"@ <<
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M+*A/) QD@>@R/S%.H R=4&HII\K0P+=W?FG[,T,:*;<$%=_[Q\,R@MTQNSC
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MQN;3SM/AC2+S[<X9E().5;*A^C [LCTY)ZVB@#"T/PX-(G$[7!EE^R0VYY8
M;%"\#=MQQD?+D%FYYQ5=_"$1EGFCN0)IUN%D:2,N&6282!2"W"C!7 QG<3P:
MZ6B@#F=$\(KH[QR_:UDF6Z>8LD)3]VT>SRAEB=H(4C)/W1]:IWG@>XNX[>(Z
MG (K6W^SV^ZU<L@XVOQ*!Y@Q]X 9[CICLJ* ,=-#/V(V4DZ?9I)7EF6&-HF;
M+;@ P;(]SR3[=*K/X;9-/NK>&:-WGNK>4-*A.$B,0VL<DM\L9ZXR3VZUT-%
M'-Q>$EBG>47K.S1>66DCW,X"P ;SGYA^X.1QG>>G>?0?#QT*&Z$,MOYEQ/YK
?&.%T0#=DJ$WD#@E01CHN0<<[M% !1110 4444 ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>pampr4q226k_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pampr4q226k_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "/ 4X# 2(  A$! Q$!_\0
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ML?-@EAGUY)/U-/BMH(#F&".,[53*(!\HZ#CL,G J6B@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *X7
MQ"[Q>*6EGAAFV"V^QPR%A)(2Y#>401M8<$]<@#/%=<VJZ<C%6O[4,#@@S+D'
M\Z/[7TS_ *"-I_W_ %_QII.Z8KJUCB[&XFM-8O3I]K8:CJ,[W,A\N(I/;D,
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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MJ7?AHW5MI,,<%M:K:MB5$<M\FQE 5MH+?>[X[T@-#2M=MM6=DBBFB81K,HE
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M2'P?XAL!Y[VT<(P5WO<1 <C&.6]#7K7]J6__ #SN_P#P#E_^)J"\U!9K22*
M7:.X"[C:3# )Y(^7KC./>I4%<X7EU-:IL\RC\->)]J^7;PMYJ;$82PDLH7'R
MG.>GI47_  @?B3_H'C_O_'_\57HS%!JMM<Q^<((5V"(V$V47:1A3C'7';L/0
M5I_VI;_\\[O_ , Y?_B:J4(]!+ 0>DFS!\":7>:1IMU;7L0CE\_.T.K<;1Z$
MUNVT4;W=^7C5CYXY8AO^6:?E]#]>]0PZC$MQ<LT-X%9P5/V27D;0/[O\Z2VU
M"))[MFAO 'E#*3:2<C8HSPOJ#U]/3%4DDFCLITU",8KH:/V>#_GC'_WR*RY+
MY4NGB_LU B3K"69E#,6Q@JH!SU)YQP"?:K?]J6__ #SN_P#P#E_^)JHYTV2]
M%X8+\3C^)8+A?3L!CL/KBG#E3]XN<6U[I8M9$GN[B"2SBC,04Y!#<'. >.&P
M,XYX(YI^H00C3;HB) ?)?D84]#W/3ZU7M9K"RW^1%?@.Q9@T$[#).2>0<9)I
M;W48I+&XCCAO&=HF"@6DO)(]UQ^=&G,K>0N5\KOYEG5+QM/TJZO%0.T,3.%)
MP"0*\\_X6A>_] ZW_P"^S79:Y=K>:'>VT$%V\LL+*B_9)1DD>I6O)_\ A&-=
M_P"@3=_]^C6,K]#BQDZ\9+V5[>1TW_"T+W_H'6__ 'V:/^%H7O\ T#K?_OLU
MS/\ PC&N_P#0)N_^_1H_X1C7?^@3=_\ ?HU-Y'%[7&>?W?\  .F_X6A>_P#0
M.M_^^S6_X3\8S^(M2FM9K2.$)"9 R,3T(&.?K7G7_",:[_T";O\ []&NH\"Z
M??Z-K,]Q?V%W#$UN4#?9W;)W*<< ^AIIRN;4*F*=1*=[>AT/BWQ;/X<NK:&&
MUCF\U"Q+L1C!QVKG/^%H7O\ T#K?_OLU/X\LKW6KZTDT^QNYDCC*L?L[K@Y]
MP*Y+_A&-=_Z!-W_WZ-#<KZ#Q%3$JHU"]O0Z;_A:%[_T#K?\ [[-'_"T+W_H'
M6_\ WV:YG_A&-=_Z!-W_ -^C1_PC&N_] F[_ ._1I7D8>UQGG]W_  #IO^%H
M7O\ T#K?_OLUWVAZBVK:+:W[QB-IER5!R!R1_2O&_P#A&-=_Z!-W_P!^C7J7
MAFX_L_PY96EU;W<<\:$.OV60X.3W"XJHWZG9@YUY3?M;VMU1XU-_KY/]X_SI
ME;$OAG7&E=AI5W@L2/W1IO\ PC&N_P#0)N_^_1K.S/)="K_*_N,FBM;_ (1C
M7?\ H$W?_?HT?\(QKO\ T";O_OT:+,/85?Y7]Q/X._Y&W3_^NG]#7MM>0>&M
M$U73_$-G=76FW<<,;Y9O)8X&/0#->I?VI;_\\[O_ , Y?_B:TAL>SE\)0IM2
M5M2[15+^U+?_ )YW?_@'+_\ $T?VI;_\\[O_ , Y?_B:L] NT52_M2W_ .>=
MW_X!R_\ Q-']J6__ #SN_P#P#E_^)H NUX1XB_Y&75/^ON7_ -"->U?VI;_\
M\[O_ , Y?_B:\FUK0-8N]<O[F#3+MXI;B1T;R6&06)!P1431YN80E.$>57U.
M;HK6_P"$8UW_ *!-W_WZ-'_",:[_ - F[_[]&L[,\CV%7^5_<9-*GWU^M:O_
M  C&N_\ 0)N_^_1I5\,ZX&!.DW?7_GD:+,/85?Y7]Q[G144%PERA9%E !Q^\
MB9#^3 5+6Y]2%%%% $%Y<FT@\Q;>>X8L%6.%06)/U( 'N2!67)XFMHH5<VEV
M7&\RQ!5W0A" Q;YL8&1]TDG/&:O:JNH/8LFF-"MPQ W2N5 7N0=K<^F016/+
MHNHFW06T-G [6\EM*IG>0!7(._<4!9NI((&<]:!&DVM(EVL3V=XL+/Y:W)0>
M6S8S@#.XYZ9VXSWJ2PU1;Z:6%K:XMI8U5_+G"@E6S@_*3CH>#@^U48['5!JJ
MR2Q6<EM"-EL3.V8AC&[9LP6/^]TX&.<V--LKN*^GNKF*U@:1 K):L2LK=Y&R
MHP>W?CN:!FK1110!FWVL)83%9;.Z,"[?,N55?+CW' SD@GWV@X[U':Z_#=P3
MR):78,<8E6,Q@M*C9VLH!/7!X.#Z@5#J=EJ=[J 'E6LNGJHVH]PT9W]V8!#N
MQV&0,\]<8CL]-U>T@FD#61NX[5+6V^=BA"Y^9OER,YZ 'IUH LOXBM8+:62Z
M@N+:2*18F@D"ER6Z8VL01CGKV-:]<I+X9O;RS)EG-K=C^*.<3"4D@LSEH@0>
M,#'0<=.*ZI054 L6(&"QZGWXH 6HKF?[-;23>7))L&=D2[F;V J6H+W[5]BE
M^P^5]JV_N_.)"9]\ F@#.;Q#&B,K6%X+H2>7]EPAD)V[L@[MN, G[W;UIS>(
M(0D4RV=X]JZHQN0@"('Z9R03[X!QWJE'I6J1Q03I#:"]@F:0E[IG\_<I4EF\
ML8/(P I&!CBB/2M5@>RMS'9W-E;(F%:X:,M)W<KL;..PR!WZXP :EEJ?V^>5
M8K2X$,;,@N&*;'*G!  8MUSU Z5?K$L=(DM]6-U]DL+8#?F2U!#7 8\;QM&,
M=?O-SZ5MT %4-0U,Z?\ \N-W<*$,CM JX11U)+$9^@R?:K]9&LVNIW<L,=M'
M;2V6,S12W#1&0]@2$;Y?4<9^F00!P\06K7HMTBN&0G:)U0%"^W?M'.[.WGIC
MMG-,'B&,!EEL+V&?"&."14WR[C@;<,0.>H8C'>JYTG4!?ET^RBV\_P"U@%VW
M>9Y>W9C;]W/.[/X57.AZC>6S'4;>QEN?-69F-RS+-C(\LCRQL3!. -WN#DY!
M'0VER;NW$I@F@;)!CF7#*0<=B0?J"14]4-(LGL+'R76*/+LXBA.4B!.=J\#@
M?0?2K] PK(?Q!#"\GVFSO+:-4=TDE0 2!.N "6![C<!FM>N;?2=5OOMHOX[/
M?/&R13)<,WE+_"H0H,=!D[LGZ8  9>37?-A)CTR_>=9/+>W"IO0[=V2=VS&"
M/XN^.M,@\0K<7%I&NG7H2Z)\N4^7MX&22 ^X =#QUJI+IVNM%,Z_8UENI0UP
MB7#IB,*%"J^PG)QR=HQGCUK0L-/FBO?M,T<$2K;I#%#"Y98QDEL$J.OR]NU
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7/>ND@B$%O'"IRL:A1^ Q0,DHHHH _]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>pampr4q226k_005.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pampr4q226k_005.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" #+ 4T# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M902"I[@]J6@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH ;(XC0LQP![9JDS'<6/R%?09\K/\W.??&>^?FLW#LB\'8.[XSCZ#N3T'
M]>AJ_=_Z9[/^!>5G\]TAS[]>^?F #[O_ $SV?\"\K/Y[I#GWZ]\_,JJ<X&(]
MGJ<B+/\ -SG\,^_S)]W_ *9[/^!>5G\]TAS[]>^?FHZM,+>S"?==R55,YV#J
M23W8YY/O]20#)U&[%U/B/B%,A!_,GW-5X55V96(!VG;DX&?K4=%,1;:&W+8#
MX.,G##&?3\^]).EC;0^?<72PQ;@NXN#SZ#U/?/\ +K5.6:&UMY+FX8K!&,L1
MU)[*/<_YZ5S3WL&K_P"D7XB!5\11B7&U?[N"PX[DX&>?FS4R=CEKXA4_=6[-
MF?6[:6RG^QW:6F"5$OF RGYPN0.HXRWR_3GK6!)I]G/NGEO&!D/S2/.DFP^^
M/OD\=.F>>E-:VTN9I(8FBC<$ 2-)\N2.>_0'/Y#DYK$K)O74\>M6E+6>IUFF
MV-E;G4C#<"0_8I,*)E;;T[C[V?;IWZU@U:\/_?U#_KRD_I56OJ,D_@R]?T/G
MLVDG*%E;1_F7K+5[ZPPL%PWE=XG^9#_P$\?UKH]/U:UU-EBVBVNCP(RWR.?]
MDGH?8_G7'45Z&(P5*NM59]_ZW,,'F>(PK7*[Q[/;_@?+[CO2"I((((X(-)6=
MHNJG4$%I<,3=J/W;GK*!_"?]H=CWZ>F=&OE:]"=";A(_0,)BJ>*I*K3_ .&?
M8.E=+IUX+FU#,VV2+AFQ]W/\0'=CG'Y^N#S56]-N3:WB-N*JWR,1V![_ (=:
MP.HZ7[O_ $SV?\"\K/Y[I#GWZ]\_,?=_Z9[/^!>5G\]TAS[]>^?F/N]#LV?\
M"\O/_H4AS[]>^?F/N_\ 3/9_P+RL_GND.??KWS\R&3VQVDQ[=N.JCG;GG!/=
MCU/U_$V:H*=C#@*$/0G(CSZ_WG.?U]_FOT %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% %.=AYI8.04X+8R(\^@[N<X'U]\-']W_I
MGL_X%Y6?SW2'/OU[Y^9\C$R,Q< I_$!D1Y]!W<Y_#/O\S/N_],]G_ O*S^>Z
M0Y]^O?/S !]W_IGL_P"!>5G\]TAS[]>^?FY_6)0]\8U4JD:A0"<\]3GWR>:Z
M%1A@!A-A[G(BS[]W.?PSWS\W)7$GFW,L@Z,Y;\S3$1T45+;E$F$DO^KC!D?/
M]U1N/Z"@-CD_%M\7NTTV-OW=MS)C^*0]?R''USZUSE/FF>XGDFE;=)(Q=CZD
MG)IE<[=V?*U:CJ3<WU"KVGZ3=ZFQ\A (P<-(YPH/I[GV&32:5I[:GJ$=N"0G
MWG8#HHZ_CV'N17K44-CX8T=;RXA8E J1Q1)N;). BCNQ/?N>33C&YU83"^V]
MZ6QS&D^#+BU2=VDG<S0-#A(!@9QS\S GIZ"L_4/!]_9J7BS*!_"R['_+D'Z
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M$9G"(-K+^/E9[GU<Y_#/O\UQ$6- J]!0 ZBBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "H)8.0R';C..,[<YR0.Y/\
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)%% !1110!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>pampr4q226k_006.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pampr4q226k_006.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "V 2\# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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MG\7W_DS.K\/W?FC4HHHK,T&2H9(G02-&6! =,97W&<BL[^R)O^@SJ7_?4?\
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MC_OFI_[(F_Z#.I?]]1__ !%87@J\EGGO(H[_ .W6J$@R"6215<,5&UI'=AN
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MJA'X\U-YKFX$MK*L,:JLB",0A6=?G8?:"AQRN3(O)P<8P6!WO]D3?]!G4O\
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
'%%%% '__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>pampr4q226k_010.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pampr4q226k_010.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" #/ P0# 2(  A$! Q$!_\0
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M;[S!0"?J:40QB0R!%#D8+ <D?6LY8F\F[;QM^1T0P;C&,;[2<OST_$XS4O\
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MT%RLLI]P?2G4"BL30**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M?XT?\+'U+_GTMO\ Q[_&N-HH^H8?^7\6']JXO^?\$=E_PL?4O^?2V_\ 'O\
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M_%A_:N+_ )_P1V7_  L?4O\ GTMO_'O\:/\ A8^I?\^EM_X]_C7&T4?4,/\
MR_BP_M7%_P _X([+_A8^I?\ /I;?^/?XT?\ "Q]2_P"?2V_\>_QKC:*/J&'_
M )?Q8?VKB_Y_P1V7_"Q]2_Y]+;_Q[_&C_A8^I?\ /I;?^/?XUQM%'U##_P O
MXL/[5Q?\_P"".R_X6/J7_/I;?^/?XT?\+'U+_GTMO_'O\:XVBCZAA_Y?Q8?V
MKB_Y_P $=E_PL?4O^?2V_P#'O\:/^%CZE_SZ6W_CW^-<;11]0P_\OXL/[5Q?
M\_X([+_A8^I?\^EM_P"/?XT?\+'U+_GTMO\ Q[_&N-HH^H8?^7\6']JXO^?\
M$=E_PL?4O^?2V_\ 'O\ &C_A8^I?\^EM_P"/?XUQM%'U##_R_BP_M7%_S_@C
MLO\ A8^I?\^EM_X]_C1_PL?4O^?2V_\ 'O\ &N-HH^H8?^7\6']JXO\ G_!'
M9?\ "Q]2_P"?2V_\>_QH_P"%CZE_SZ6W_CW^-<;11]0P_P#+^+#^U<7_ #_@
MCLO^%CZE_P ^EM_X]_C1_P +'U+_ )]+;_Q[_&N-HH^H8?\ E_%A_:N+_G_!
M'9?\+'U+_GTMO_'O\:/^%CZE_P ^EM_X]_C7&T4?4,/_ "_BP_M7%_S_ (([
M+_A8^I?\^EM_X]_C1_PL?4O^?2V_\>_QKC:*/J&'_E_%A_:N+_G_  1V7_"Q
M]2_Y]+;_ ,>_QH_X6/J7_/I;?^/?XUQM%'U##_R_BP_M7%_S_@CLO^%CZE_S
MZ6W_ (]_C1_PL?4O^?2V_P#'O\:XVBCZAA_Y?Q8?VKB_Y_P1V7_"Q]2_Y]+;
M_P >_P :/^%CZE_SZ6W_ (]_C7&T4?4,/_+^+#^U<7_/^".R_P"%CZE_SZ6W
M_CW^-'_"Q]2_Y]+;_P >_P :XVBCZAA_Y?Q8?VKB_P"?\$=E_P +'U+_ )]+
M;_Q[_&C_ (6/J7_/I;?^/?XUQM%'U##_ ,OXL/[5Q?\ /^".R_X6/J7_ #Z6
MW_CW^-'_  L?4O\ GTMO_'O\:XVBCZAA_P"7\6']JXO^?\$=E_PL?4O^?2V_
M\>_QH_X6/J7_ #Z6W_CW^-<;11]0P_\ +^+#^U<7_/\ @CLO^%CZE_SZ6W_C
MW^-'_"Q]2_Y]+;_Q[_&N-HH^H8?^7\6']JXO^?\ !'9?\+'U+_GTMO\ Q[_&
MC_A8^I?\^EM_X]_C7&T4?4,/_+^+#^U<7_/^".R_X6/J7_/I;?\ CW^-'_"Q
M]2_Y]+;_ ,>_QKC:*/J&'_E_%A_:N+_G_!'9?\+'U+_GTMO_ ![_ !H_X6/J
M7_/I;?\ CW^-<;11]0P_\OXL/[5Q?\_X([+_ (6/J7_/I;?^/?XT?\+'U+_G
MTMO_ ![_ !KC:*/J&'_E_%A_:N+_ )_P1V7_  L?4O\ GTMO_'O\:/\ A8^I
M?\^EM_X]_C7&T4?4,/\ R_BP_M7%_P _X([+_A8^I?\ /I;?^/?XT?\ "Q]2
M_P"?2V_\>_QKC:*/J&'_ )?Q8?VKB_Y_P1[%X5UN?7M+ENIXXXW28Q@)G& J
MGO\ 6BLSX<_\B]<?]?;?^@)17SV)A&%:48[)GV."J2J8>$YN[:_S,#XC_P#(
MP6__ %ZK_P"AM7'UV'Q'_P"1@M_^O5?_ $-JX^OI,'_N\/3_ #/BLR_WNIZ_
MY!11174< 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444
M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !
M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%
M%% !1110 4444 >G_#G_ )%ZX_Z^V_\ 0$HH^'/_ "+UQ_U]M_Z E%?)XS_>
M)^O^1^@9;_NE/T_S,#XC_P#(P6__ %ZK_P"AM7'UV'Q'_P"1@M_^O5?_ $-J
MX^OHL'_N\/3_ #/CLR_WNIZ_Y!11174< 4444 %%%% !1110 4444 %%%% !
M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%
M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444
M4 %%%% !1110 4Y49SA%+'V&:;6SIXD6T4J!CYLG'Y5$Y<JN:T:?M)69CLI5
MBK @C@@TE6+UF>[<N,'I5>J3NKD25I-!1113)"BBB@ HHHH ***D\EQU 'U8
M"@:39'13_)?!( ..>"#3*+@TUN%%%% @HHHH **** "BBK5D!)YMN0,R(2I[
MAAR*3=E<J,>9V*M%%%,D**** "BBB@ I2I4X(([\U):Q>?=11=F8 _3O4E_*
M)KZ5UX7.%'L.!4W]ZQ?+[O,5J***H@]/^'/_ "+UQ_U]M_Z E%'PY_Y%ZX_Z
M^V_] 2BOD\9_O$_7_(_0,M_W2GZ?YF!\1_\ D8+?_KU7_P!#:N/KL/B/_P C
M!;_]>J_^AM7'U]%@_P#=X>G^9\=F7^]U/7_(**TM-T'4]7C>2QMO-6,[6/F*
MN#^)%7O^$)\0_P#0/_\ (T?_ ,56LJ]*+M*23]3".%KS7-&#:]&<_13I$:*1
MHW&&4E2/0BFUJ<^P4444 %%%% !16XGA6^?0/[9$MO\ 9]A?;N;?@''3&/UK
M#J(5(SORN]C6I2G3MSJU]5Z!1115F04444 %%%% !15_3-%U#6&D6PM_.,0!
M?YU7&>G4CTK0;P7XA52QTXX'/$J'_P!FK*5:G%VE))^IO##5IQYHP;7HS HI
M\L4D$K131M'(APRL,$'W%,K4Q:MHPHJ:TMGO+R"UC*AYI%C4MT!)P,_G5[6]
M!NM!N(H;J2%VD7<#$21C..X%0YQ4E!O5EJE-P=1+1;LRZ***LS"BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ K8MGD-I;[0612V[CMZ?Y]:QZU8';
M[#;IG*LY##VYK*KJCJPSM)_UU*FHG-Z_7.!G/KBJM6]1P;O<"3E0>:J5</A1
MC5^-A1115&84444 %%%*N-PR<#/- %FULFN1D%@.22%S@"M)K1MYQ%;D8ZLA
MS^-2A+>R5 LQVD$YW,<KGVXK/NI2TT@!<J6R"9@/QYKFYI3>FQZ2A"E'WMRV
M+.3:W[JW4%3RJD$<5C2QM#(T;_>'6M""Y:.61]I)VEO]:".GI5":9YY6DD.6
M-73YDW<PKN#BK;D=%6I;,I KIN=B><#H*9"LD<C-@J54G/3'!K3F1@Z<D[,A
M )( !)/84,K(<,I4^A&*MQ.T@5I)&+#>!GG^'UJL_P!R/_=_J:+B<4E<9111
M5$!3X9##,D@_A8&F44#3MJ6+V+R[@E?N/\RGVJO5QR)[!3_''P?\_E^1JG4Q
M>EF745I774***<B/(V$1F/H!FJ(2N-HJV;%XXV>>2.(C[JL<LWX"JE2I)[#E
M!QW+EA\AFG_YYQG!]S_DU3J[CR=-/K*1^6>/_03^=4J4=VRYZ1C$****LR/3
M_AS_ ,B]<?\ 7VW_ * E%'PY_P"1>N/^OMO_ $!**^3QG^\3]?\ (_0,M_W2
MGZ?YF!\1_P#D8+?_ *]5_P#0VKCZ[#XC_P#(P6__ %ZK_P"AM7'U]%@_]WAZ
M?YGQV9?[W4]?\CT?X;?\@Z^_ZZK_ "J&X\->+/,ED77,)DL!]KEX'Y5-\-O^
M0=??]=5_E67/\/-6EN)9%N++#.6&7?N?]VO-<HQQ-2\DMMU<]J,)2P5'E@Y;
M[.QC:!_9$EU,VLK--D QI'N+2-GD<?XUU]GX;\/ZW;2"#2]0L& ^5Y@ZY]QD
MD&JOP^6T@N;^"1H_MZMM4GJ5&0=OX]?PKH=!L=5M+R[;5=32Z=P-D:,<*N3S
MCC&?Z=:,76:G+E;35K:O7T5K?>/+\+&5.'/%23O?1:>K;O?T..\(:#8W^J:C
M:ZA")Q;_ "C#LO(8@G@CTJKK/_",VMO>V5G;7;7Z2;4F<_(N&Y ^;IC(Y!_K
M6]X)_P"1EUS_ 'S_ .AFN)U?_D-7_P#U\2?^A&NJGS5,1)-NR2>YP5U"E@XN
M,5=N2NUK:[.SGT'P[9^%K#4KRWF4O'$TC0NQ9V*Y(P3@9-0ZUX>T>?PJ-9TB
M&2#"A]K.3D9P0<DX(]CVJWXC_P"2<:;_ -<[?_T"BU_Y).W_ %S?_P!&FN6,
MYI*?,_CMOI:YWSITG*5+D5O9WO;6]NYG0:#IK_#TZHUMF]V.?,WMU$A XSCI
M[5+H.@:-=^$)-0OX6$B^86F1VRH'<#.,_A5RU_Y).W_7-_\ T::-$_Y)G>_]
M<YOZTY5)\LO>?QV^1-.C2YX7BOX=]NO<CM- \.:_H5Q-I<%Q!-%E0\C'=N R
M,C)&#[5D^#_#-OK GO+XG[+"=NT-C<V,G)[ #%;7P\_Y NH_]=/_ &6H?A_?
M6SZ?>:5+*L<LCET!."P*A3CU(Q3G4J0C5C%O1KS:3W%3I4*LZ$YQ2YD_)-K8
MFTC2_"&MWMQ%9V,Y$*C.^1PK9/4?-G\ZQ]!\,VNK>(-1AE9DM;25@(T/+?,0
M!D]N*Z;PGX<FT"]N_/NK>5I% 5(R=VT'J0>E86@VTTWB/67M-2%G=I.?+5L%
M907;(*GKVY'3-)57^\Y)NR2LW=E2H*U%U::3;=TK+IIU_"^I->6GA.UEDM[G
M2-1L]I*_:'5]IYQD?,<@_2N#KV6*YNK/3YF\23:>(\8!BSAAW!#=3["O'92A
MF<Q*5C+':#U [5TX&HY<R=W;K>Z^1PYK2C#D:LKWTLD_G9L[GX:?Z_4O]V/^
M;5JZ/8^(H?$US<7L\HT[?(562?>"I)VX&3C''I65\-/]?J7^['_-JFT'Q-)%
MXDOM,U"9I()KAUB:5L[#N("\]CTQZ_6N3$1FZM7E2>B_I'H8.=..'H<[:U=K
M/2_GY&1XB2+Q#XV6VL'1M^V(R#D$CJ?? _E6Z_AO0-.GALYM)U*]=@-UPB.4
M7/J5('Y UG7^FIX1\6VFIJA_LYW.,#/EY!!'X9R/;Z5N:SIFHZW+'>Z%KI2)
ME :-;AE3ZC;GGVQ53J:0C&5H6WUW\[$TZ/O593@I5.;;1Z>2??ON8&I^'H=!
M\6Z,;9F-O/<QE5<Y*D.N1GTY%6/'EK)?>(=,M8A^\F38OXM5*ZL+S3_$>A17
MVKF_F-RA*&0OY7SKZG//T'2M3QA?+IOBS2+QE+)$NY@/3<<_I5IR]I3:?,^6
M6O<S<8>QK)QY8\T;KMM?8?)X:T+2/)M[C2]2U&5@"\T,;LJ\]]I 'TY-8WBO
MPU9Z+=6<\#.+.=]KHQ)*8QG'?IG\JZ?6+*\\0B&]T'7#$NS:R).RJ>3S\O0]
M1R.U<]>:?+IFI:6-=UG[;&9_WD+R,ZQXQR<GID^G2HH5)73<]=;K6_7RLC3%
M4(*+C&DE'2TO=LM5UO=^9<L[+PG=SI!;Z-J4Z,<?:0DA3ZG#=/PK)\3>&8=,
MUJRMK.0B*\(51(<[#D#KZ<BNUU>RU.YU"SGM-5CM=-3:9%#%2W/8CJ#P,9K#
M\>)'+K6C1RRF*-F*O(&QL!9<G/;%3AZTG5C:3LT]+M_IOZ%8O"P5"7-!735G
M91O=K:S>GFR6\\.:!H5O$+G2M0U!F'S2PACCZX8 =>*YN32M.U?Q);V6B-(E
MO(F9/,!S&03NZ^P'YUWMG%K]O/'NU"QO+ ?>ED4K)M_#@GW-86I:[I=EXZMK
MJ)D9!$8KF6/D GITZD<9_P#K44*U2[2;D[/JVOFFM!XK#T>6+DE&-TK-)/Y-
M-W7<F/ASP_:WB:>^CZG<,<*;L)(8P2.Y! _(8%<KXLT&/0=32.!V:WF7>FXY
M*\\BNQUC1]5U:[-]HFO%;>0#,8N7" X_AVY'/!KC/$]E<V-U!#=ZJVH2["22
MY;R^>G)/]*VPDVYJ\[Z:K7]=CES&E&-*25*R35I+E2M\G=F%1117KGSH4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MY.QVTU&---M7W&B=BWFN 4+YSQQGH?YU7-LT[LT+*X+'&./YU=>5(E$6S*[
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M$HH^'/\ R+UQ_P!?;?\ H"45\GC/]XGZ_P"1^@9;_NE/T_S,#XC_ /(P6_\
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M+_\ DM_]G1]>P_\ -^8?V7C?Y/Q1P>]/^>2_F:-Z?\\E_,UWG_"L_P#J+_\
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M+_\ DM_]G1]>P_\ -^8?V7C?Y/Q1P>]/^>2_F:-Z?\\E_,UWG_"L_P#J+_\
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M_BCA6N9G8LTC$G\ORH^TR_WA_P!\BNZ_X5G_ -1?_P EO_LZ/^%9_P#47_\
M);_[.G]>PW\WX,/[+QO\OXK_ #.&^U3D8WC'^Z*#=SDY\PY]J[G_ (5G_P!1
M?_R6_P#LZ/\ A6?_ %%__);_ .SI?7L-_-^##^R\=_+^*_S.$,\Q_P"6C#Z'
M%!N)R2?.DR?]HUW?_"L_^HO_ .2W_P!G1_PK/_J+_P#DM_\ 9T_KV&_F_!B_
MLO&_R_BO\S@_.E_YZ/\ ]]&D,LAZNQ_&N]_X5G_U%_\ R6_^SH_X5G_U%_\
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MHO\ ^2W_ -G2^OX?^;\&']DXS^3\5_F<!17?_P#"L_\ J+_^2W_V='_"L_\
MJ+_^2W_V=/Z_A_YOP8?V3C/Y/Q7^9P%%=_\ \*S_ .HO_P"2W_V='_"L_P#J
M+_\ DM_]G2^OX?\ F_!A_9.,_D_%?YG 45W_ /PK/_J+_P#DM_\ 9T?\*S_Z
MB_\ Y+?_ &='U_#_ ,WX,/[)QG\GXK_,T/AQ_P B]<?]?;?^@)16OX<T+_A'
J]/DM/M/G[Y3)NV;<9 &,9/I17S^)G&=:4H[-GV&"IRI8>$)JS2_S/__9

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