<SEC-DOCUMENT>0001292814-23-000963.txt : 20230316
<SEC-HEADER>0001292814-23-000963.hdr.sgml : 20230316
<ACCEPTANCE-DATETIME>20230316171724
ACCESSION NUMBER:		0001292814-23-000963
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230316
DATE AS OF CHANGE:		20230316

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:		23739817

	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>pamfs4q22_6k.htm
<DESCRIPTION>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"> CONSOLIDATED FINANCIAL STATEMENTS (USD) </A></P>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="word-spacing: 0px; background-color: white"><B>Exhibit
2: </B></FONT><A HREF="ex99-2.htm"> CONSOLIDATED FINANCIAL STATEMENTS (ARS) </A></P>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="word-spacing: 0px; background-color: white"><B>Exhibit
3: </B></FONT><A HREF="ex99-3.htm"> Management's Report on Internal Control Over Financial Reporting </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>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="pamfs4q226ke1_001.jpg" ALT="" STYLE="height: 122px; width: 426px"></FONT></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AS OF
DECEMBER 31, 2022 AND 2021</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-indent: -35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FOR
THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-indent: -35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-indent: -35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(In
millions of U.S. dollar (&#8220;US$&#8221;))</FONT></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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="pamfs4q226ke1_002.jpg" ALT="" STYLE="width: 185px; height: 157px">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Report
of Independent Registered Public Accounting Firm</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pampa Energ&iacute;a
Sociedad An&oacute;nima (Pampa Energ&iacute;a S.A.)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Opinions
on the Financial Statements and Internal Control over Financial Reporting</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We have audited
the accompanying consolidated statement of financial position of Pampa Energ&iacute;a Sociedad An&oacute;nima (Pampa Energ&iacute;a S.A.)
and its subsidiaries (the &#8220;Company&#8221;) as of December 31, 2022 and 2021, and the related consolidated statements of comprehensive
income, of changes in equity and of cash flows for each of the three years in the period ended December 31, 2022, including the related
notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). We also have audited the Company's internal
control over financial reporting as of December 31, 2022, based on criteria established in <I>Internal Control - Integrated Framework
</I>(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">In our opinion,
the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company
as of December 31, 2022 and 2021<B>, </B>and the results of its operations and its cash flows for each of the three years in the period
ended December 31, 2022 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards
Board. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as
of December 31, 2022, based on criteria established in <I>Internal Control - Integrated Framework</I> (2013) issued by the COSO.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Basis for
Opinions</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company's
management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting,
and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&#8217;s
Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on the Company&#8217;s consolidated financial
statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered
with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable
assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether
effective internal control over financial reporting was maintained in all material respects.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated
financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also
included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation
of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding
of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures
as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</FONT></P>

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

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0"></P>

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt Georgia, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">Price Waterhouse &amp; Co. S.R.L., Bouchard 557, 8<SUP>th</SUP> floor, C1106ABG - Autonomous City of Buenos Aires</P><P STYLE="font: 9pt Georgia, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">T: +(54.11) 4850.0000, www.pwc.com/ar</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">As described
in Management&#8217;s Report on Internal Control over Financial Reporting, management has excluded Greenwind S.A. and Vientos de Arauco
Renovables S.A.U. from its assessment of internal control over financial reporting as of December 31, 2022 because they were acquired
by the Company in purchase business combinations during 2022. We have also excluded Greenwind S.A. and Vientos de Arauco Renovables S.A.U.
from our audit of internal control over financial reporting. Greenwind S.A. and Vientos de Arauco Renovables S.A.U. are wholly-owned
subsidiaries whose total assets and total revenues excluded from management&#8217;s assessment and our audit of internal control over
financial reporting represent approximately 5.8%% and 0.6%, respectively, of the related consolidated financial statement amounts as
of and for the year ended December 31, 2022.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Definition
and Limitations of Internal Control over Financial Reporting</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">A company&#8217;s
internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
A company&#8217;s internal control over financial reporting includes those policies and procedures that (i)&nbsp;pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(ii)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (iii)&nbsp;provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial
statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Because of its
inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Critical
Audit Matters</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The critical
audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were
communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to
the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication
of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are
not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts
or disclosures to which they relate.</FONT></P>

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

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 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%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --><P STYLE="text-align: left; font: 9pt Georgia, Times, Serif; margin: 0"></P>&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: left; width: 100%">&nbsp;<IMG SRC="pamfs4q226ke1_002.jpg" ALT="" STYLE="width: 185px; height: 157px"></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt; color: red"><SUP>&nbsp;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>The
Impact of Proved Estimates of Oil and Gas Reserves on Oil and Gas Segment Property, Plant and Equipment and Allocated Goodwill.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">As described
in Notes 7 and 11.2 to the consolidated financial statements, as of December 31, 2022, the Company&#8217;s consolidated net book value
of property, plant and equipment balance of the oil and gas segment was $807 million, the goodwill balance allocated to the oil and gas
segment was $35 million, and depreciation expense for the year ended December 31, 2022 was $125 million. As described in Note 6.1.7 to
the <FONT STYLE="color: #262626">consolidated</FONT> financial statements, the Company&#8217;s management estimates oil and gas reserves
which are used in the determination of depreciation of property, plant and equipment used in the areas of oil and gas, as well as assessing
the recoverability of these assets and goodwill allocated to the oil and gas segment. There are numerous uncertainties in estimating
proved and unproved reserves and future production profiles, development costs and prices, including several factors beyond the producer&#8217;s
control. Reserve engineering is a subjective process of estimating underground accumulations involving a certain degree of uncertainty.
Reserves estimates depend on the quality of the available engineering and geological data as of the estimation date and on the interpretation
and judgment thereof. Periodic revisions to the estimated oil and gas reserves and related future net cash flows may be necessary as
a result of changes in a number of factors, related to reservoir performance, new drilling, oil and gas prices, cost, technological advances,
new geological or geophysical data, and other economic factors. The estimates of oil and gas reserves have been developed by employed
specialists, specifically petroleum engineers, and audited by independent specialists engaged by the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The principal
considerations for our determination that performing procedures relating to the impact of estimates of proved oil and gas reserves on
oil and gas segment property, plant and equipment and allocated goodwill are a critical audit matter are the significant judgment by
management, including the use of specialists, when developing the estimates of oil and gas reserves, which in turn led to a high degree
of auditor judgment and effort in performing procedures to evaluate the significant assumptions used in developing those estimates, related
to future production profiles, development costs and prices.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Addressing the
matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the <FONT STYLE="color: #262626">consolidated
</FONT>financial statements. These procedures included testing the effectiveness of controls relating to management&#8217;s estimates
of oil and gas reserves. These procedures also included, among others, evaluating the methods and significant assumptions used by management
in developing these estimates, related to future production profiles, development costs and prices. The work of management&#8217;s engaged
specialist was used in performing the procedures to evaluate the reasonableness of these estimates of proved oil and gas reserves. As
a basis for using this work, the specialists&#8217; competence, capability and objectivity were understood, as well as their methods
and assumptions. The procedures performed also included tests of the data used by the Company&#8217;s engaged specialists and an evaluation
of their findings. Evaluating the significant assumptions relating to the estimates of proved oil and gas reserves also involved obtaining
evidence to support the reasonableness of the assumptions, including whether the assumptions used were reasonable considering the past
performance of the Company, and whether they were consistent with evidence obtained in other areas of the audit. The procedures performed
also included testing that the estimates of oil and gas reserves were appropriately included in the Company&#8217;s determination of
depreciation expense, as well as in the impairment of non-financial assets assessment of oil and gas segment.</FONT></P>


<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 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%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --><P STYLE="text-align: left; font: 9pt Georgia, Times, Serif; margin: 0"><I>&nbsp;</I></P><P STYLE="font: 9pt Georgia, Times, Serif; text-align: left; margin: 0"><I></I></P>&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: left; width: 100%">&nbsp;<IMG SRC="pamfs4q226ke1_002.jpg" ALT="" STYLE="width: 185px; height: 157px"></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 3.5pt; color: red"><SUP>&nbsp;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Impairment
of Non-Financial Long-Lived Assets&nbsp;Related to the Rinc&oacute;n del Mangrullo cash generating unit of the Oil and Gas Segment</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">As described
in Note 7 to the consolidated financial statements, as of December 31, 2022, the Company&#8217;s consolidated property, plant and equipment
balance of the oil and gas segment was $807 million. According to Notes 6.1.1. and 11.1.1.2, as of December 31, 2022 there were internal
and external impairment indicators in relation to Rinc&oacute;n del Mangrullo cash generating unit (CGU). Management analyzes the recoverability
of its non-financial long-lived assets on a periodic basis or when events or changes in circumstances indicate their recoverable amount
may be below its carrying amount. In order to evaluate if there is evidence that a CGU could be affected, both external and internal
sources of information are analyzed. The recoverable amount is the higher of value in use and fair value less costs of disposal. Management
used value in use to determine the recoverable amount. The value in use is determined based on the present value of future net cash flows
expected to be derived on the CGU, using discount rates that considers the business segment and the country conditions where the operations
are performed. <FONT STYLE="background-color: white">Management&#8217;s </FONT>assessment of the existence of impairment indicators and
<FONT STYLE="background-color: white">cash flow projections included significant judgments and assumptions relating to reference prices
for products, future demand per type of product, costs evolution, </FONT>macroeconomic variables such as inflation and exchange rates,
<FONT STYLE="background-color: white">the discount rate, among others.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The principal
considerations for our determination that performing procedures relating to the impairment of non-financial long-lived assets related
to the Rinc&oacute;n del Mangrullo CGU of the oil and gas segment is a critical audit matter are the significant judgment by management
when evaluating the existence of impairment indicators and when developing the recoverable value measurement of the non-financial long-lived
assets. This in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures to evaluate management&#8217;s
assessment of impairment indicators and cash flow projections and significant assumptions related to reference prices for products, future
demand per type of product, costs evolution, macroeconomic variables such as inflation, exchange rates and the discount rate. In addition,
the audit effort involved the use of professionals with specialized skill and knowledge to assist us in performing these procedures and
evaluating the audit evidence obtained.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Addressing the
matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated
financial statements. These procedures included testing the effectiveness of controls relating to management&#8217;s impairment assessment,
including controls over the valuation of the Company&#8217;s non-financial long-lived assets. These procedures also included, among others,
evaluating the determination of the Company&#8217;s CGUs, as well as the allocation of the assets and liabilities thereto; evaluating
the reasonableness of management&#8217;s assessment over the existence of impairment indicators; testing management&#8217;s process for
developing the value in use estimate; evaluating the appropriateness of the discounted cash flow model, as well as the mathematical precision
of the calculations; testing the completeness, accuracy, and relevance of underlying data used in the model; and evaluating the significant
assumptions used by management related to reference prices for products, future demand per type of product, costs evolution, macroeconomic
variables such as inflation and exchange rates, and the discount rate. Evaluating management&#8217;s assumptions involved evaluating
whether the assumptions used by management were reasonable considering (i) the current and past performance of the segments, (ii) the
consistency with external market and industry data, and (iii) whether these assumptions were consistent with evidence obtained in other
areas of the audit. Professionals with specialized skill and knowledge were used to assist in the evaluation of the Company&#8217;s discounted
cash flow model and the discount rate. The procedures performed also included evaluating the sufficiency of the information disclosed
in the consolidated financial statements regarding the evaluation of the recoverable value of long-lived non-financial assets.</FONT></P>


<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 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%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --><P STYLE="text-align: left; font: 9pt Georgia, Times, Serif; margin: 0"></P>&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: left; width: 100%">&nbsp;<IMG SRC="pamfs4q226ke1_002.jpg" ALT="" STYLE="width: 185px; height: 157px"></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Acquisitions
of Vientos Solutions S.L.U. and Vientos de Arauco Renovables S.A.U. - Valuation of Identifiable Intangible Assets</I></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">As described
in Notes 4.4.5, 5.1.3 and 5.1.5 to the consolidated financial statements, during the year ended December 31, 2022, the Company completed
the acquisitions of (i) Vientos Solutions S.L.U. (&#8220;VS SLU&#8221;), a company whose principal asset is its 50% interest in the capital
stock of Greenwind S.A. (&#8220;Greenwind&#8221;), for aggregate consideration of US$20.5 million, of which approximately $31.6 million
was allocated to an identifiable intangible asset and (ii) Vientos de Arauco Renovables S.A.U. (&#8220;VAR&#8221;) for aggregate consideration
of US$121.4, of which approximately $62.3 million was allocated to an identifiable intangible asset. Management applied significant judgment
in estimating the fair value of the identifiable intangible assets acquired, which involved the use of significant estimates and assumptions
with respect to the projected generation level and the discount rate.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The principal
considerations for our determination that performing procedures relating to the acquisitions of VS SLU and VAR &#8211; valuation of identifiable
intangible assets is a critical audit matter are: (i) the significant judgment by management in developing the fair value of the identifiable
intangible assets acquired, which in turn led to a high degree of auditor judgment and subjectivity in applying procedures relating to
management&#8217;s fair value estimate; (ii) the significant audit effort in evaluating management&#8217;s significant assumptions related
to projected generation level and discount rate; and (iii) the audit effort involved the use of professionals with specialized skill
and knowledge.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Addressing the
matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated
financial statements. These procedures included testing the effectiveness of controls relating to acquisition accounting,</FONT></P>


<!-- Field: Page; Sequence: 6; Options: NewSection; Value: 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%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --><P STYLE="text-align: left; font: 9pt Georgia, Times, Serif; margin: 0"></P>&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: left; width: 100%">&nbsp;<IMG SRC="pamfs4q226ke1_002.jpg" ALT="" STYLE="width: 185px; height: 157px"></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">including controls
over management&#8217;s valuation of the identifiable intangible assets acquired and controls over development of the assumptions related
to the projected generation level and discount rate. These procedures also included, among others, (i) reading the purchase agreement;
(ii) testing management&#8217;s cash flow projections used to estimate the fair value of identifiable intangible assets, which included
evaluating the reasonableness of significant assumptions used by management related to the projected generation level and the discount
rate. Evaluating the reasonableness of the projected generation level involved considering the past performance of the acquired businesses,
as well as economic and industry public information. Professionals with specialized skill and knowledge were used to assist in evaluating
the appropriateness of valuation method and the reasonableness of the discount rate. The discount rate was evaluated by considering the
cost of capital of comparable businesses and other industry factors. The procedures performed also included evaluating the sufficiency
of the information disclosed in the consolidated financial statements regarding business combination.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Autonomous City
of Buenos Aires, Argentina, March 9, 2023.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We have served
as the Company&#8217;s auditor since 2006.</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-indent: -35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 7; Options: NewSection; Value: 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%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px"></FONT></P>

<P STYLE="font: bold 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>GLOSSARY
OF TERMS</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following are not technical definitions, but they are helpful for the reader&#8217;s understanding of some terms used in the notes to
the Consolidated Financial Statements of the Company.</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 68%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADR</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">American Depositary Receipt</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AFIP</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal Administration of Public Revenue&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BCRA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Argentina&rsquo;s Central Bank</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BNA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banco de la Naci&oacute;n Argentina </FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BO</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Official Gazette</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAMMESA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compa&ntilde;&iacute;a Administradora del Mercado El&eacute;ctrico
    Mayorista S.A.</FONT></TD></TR>
    <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CB</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Bonds</FONT></TD></TR>


  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Combined Cycle&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CGU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash-Generating Unit</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CIESA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compa&ntilde;&iacute;a de Inversiones de Energ&iacute;a
    S.A.</FONT></TD></TR>
    <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CISA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comercializadora e Inversora S.A</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citelec</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compa&ntilde;&iacute;a Inversora en Transmisi&oacute;n
    El&eacute;ctrica Citelec S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CNV</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>National Securities Commission of Argentina<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CPB</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Piedra Buena thermal power plant<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CPI</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumer's price index</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSJN</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Argentina&rsquo; Supreme Court of Justice </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTB </FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CT
    Barrag&aacute;n S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTEB&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ensenada
    Barrag&aacute;n thermal power plant </FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTG</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G&uuml;emes thermal power plant </FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTGEBA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Genelba thermal power plant</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTLL</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">  Loma La Lata thermal power plant </FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EcuadorTLC / PB18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EcuadorTLC S.A. (currently Pampa Bloque 18)</FONT></TD></TR>
   <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Edenor</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empresa
Distribuidora y Comercializadora Norte S.A.</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMESA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empresa Mendocina de Energ&iacute;a S.A:</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENARGAS</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">National Regulator of Gas</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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


<!-- Field: Page; Sequence: 8; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;<IMG SRC="pamfs4q226ke1_003.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 68%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD></TR>
 <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENARSA / IEASA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Integraci&oacute;n Energ&eacute;tica Argentina S.A.
    (before Energ&iacute;a Argentina S.A.)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENRE&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">National Regulatory Authority of Electricity<FONT STYLE="font-style: normal; font-weight: 400">&nbsp;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GASA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generaci&oacute;n Argentina S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greenwind</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greenwind S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large users</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GU300</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large users with demand greater than 300 kW</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUDI</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributors&#8217; large users</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GyP</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gas y Petr&oacute;leo del Neuqu&eacute;n S.A.P.E.M.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HI</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hydroelectric</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HIDISA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hidroel&eacute;ctrica Diamante S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HINISA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hidroel&eacute;ctrica Los Nihuiles S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IAS</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International Accounting Standards&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IASB</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International Accounting Standards Board</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IFRIC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International Financial Reporting Interpretations Committee</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IFRS</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International Financial Reporting Standards</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">National Institute of Statistics and Censuses&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IPIM</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wholesale Domestic Price Index&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LGS</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Argentine Business Organizations Law</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LNG</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquefied Natural Gas&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAT&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WEM&rsquo;s Forward Market&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATER</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renewable Energy Forward Market&nbsp;</FONT></TD></TR>

  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MBTU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Millon of BTU</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MEyM</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ministry of Energy and Mining&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MLC&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign Exchange Market</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MW&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Megawatt</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NYSE</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York Stock Exchange</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

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

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


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Terms</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; width: 68%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitions</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">OCP</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Oleoductos de Crudos Pesados Ltd</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">OCPSA</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Oleoductos de Crudos Pesados S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Oldelval</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Oleoductos del Valle S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PE Arauco</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Arauco Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PEB</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pampa Energ&iacute;a Bolivia S.A. (formerly
    &ldquo;PBI&rdquo; - Petrobras Bolivia Internacional S.A.)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PEN</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Federal Executive Branch</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PEPE II</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pampa Energ&iacute;a II Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PEPE III</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pampa Energ&iacute;a III Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PEPE IV</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pampa Energ&iacute;a IV Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PEPE VI</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pampa Energ&iacute;a VI Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Petrobras</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Petrobras Argentina S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PISA</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pampa Inversiones S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Refinor</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Refiner&iacute;a del Norte S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">RTI</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tariff Structure Review&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">RTT</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Transitional Tariff Regime</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">SACDE</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Argentine Society of Construction and
    Strategic Development</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Secretary of Energy&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">SEC</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Security and Exchange Commission</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TG</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gas Turbine</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TGS</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transportadora de Gas del Sur S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company / Pampa</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pampa Energ&iacute;a S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pampa Energ&iacute;a S.A. and its subsidiaries</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TJSM</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termoel&eacute;ctrica Jos&eacute; de San Mart&iacute;n
    S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMB</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termoel&eacute;ctrica Manuel Belgrano S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transba</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empresa de Transporte de Energ&iacute;a El&eacute;ctrica por
    Distribuci&oacute;n</FONT> Troncal de la Provincia de Buenos Aires Transba S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transener</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compa&ntilde;&iacute;a de Transporte de Energ&iacute;a
    El&eacute;ctrica en Alta Tensi&oacute;n Transener S.A.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 68%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TV</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vapor Turbine</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. dollar</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VAR</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vientos de Arauco Renovables S.A.U.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VAT</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value Added Tax</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VRD</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt securities</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VS SLU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vientos Solutions S.L.U.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WACC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted Average Cost of Capital</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WEM</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wholesale Electrical Market&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">YPF</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">YPF S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Argentine Pesos</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME</FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
the years ended December 31, 2022, 2021 and 2020</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(In
millions of US$ &#8211; unless otherwise stated)</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Note</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.31.2022</FONT></TD>
    <TD STYLE="vertical-align: middle; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.31.2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.31.2020</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenue</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,829</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,508</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,073</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cost
    of sales</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,148)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(955)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(663)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    profit</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">681</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">553</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">410</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Selling expenses</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(56)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(33)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(26)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Administrative expenses</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.2</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(138)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(99)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(93)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other operating income</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.3</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">131</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">105</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">51</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other operating expenses</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.3</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(46)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(58)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(36)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Impairment of property,
    plant and equipment, intangible assets and inventories</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.1, 11.2 and 11.4</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(38)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(139)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Impairment of financial
    assets</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share of profit from
    associates and joint ventures</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.2</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">105</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">117</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">85</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating
    income&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">631</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">579</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">243</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial
    income</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.4</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial costs</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.4</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(221)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(185)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(177)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other financial results</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.4</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">166</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(14)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">84</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial
    results, net</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(50)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(189)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(84)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Profit
    before income tax</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">581</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">390</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">159</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Income tax</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.5</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(124)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(77)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(35)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Profit
    of the year from continuing operations</FONT></TD>
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">457</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">313</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">124</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loss of the year from
    discontinued operations</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1.1</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(75)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(592)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Profit
    (Loss) of the year</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">457</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">238</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(468)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    comprehensive income (loss)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Items
    that will not be reclassified to profit or loss</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Results related to
    defined benefit plans</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Income tax</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exchange
    differences on translation</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">22</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Items
    that may be reclassified to profit or loss</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exchange differences
    on translation</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">39</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">70</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    comprehensive income (loss) of the year from continuing operations</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">54</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">90</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    comprehensive income (loss) of the year from discontinued operations</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">64</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(33)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    comprehensive income (loss) of the year</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">54</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">154</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(40)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    comprehensive income (loss) of the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">511</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">392</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(508)</FONT></TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
the years ended December 31, 2022, 2021 and 2020 </B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(In
millions of US$ &#8211; unless otherwise stated)</FONT></P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Note</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.31.2022</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.31.2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.31.2020</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    income (loss) of the year attributable to:</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Owners
    of the company</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">456</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">273</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(367)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-controlling interest</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(35)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(101)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">457</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">238</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(468)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    income (loss) of the year attributable to owners of the Company:</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Continuing operations&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">456</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">312</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">132</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Discontinued operations&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(39)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(499)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">456</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">273</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(367)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    comprehensive income (loss) of the year attributable to:</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Owners of the Company</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">510</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">393</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(393)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-controlling interest</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(115)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">511</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">392</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(508)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    comprehensive income (loss) of the year attributable to owners of the Company:</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Continuing operations&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">510</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">402</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">124</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Discontinued operations&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(517)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">510</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">393</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(393)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Earnings
    (Loss) per share attributable to equity holders of the Company</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Basic
    and diluted earnings per share from continuing operations</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.33</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.22</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.08</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Basic and diluted
    loss per share from discontinued operations</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.03)</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.32)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    basic and diluted earning (loss) per share&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.33</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.19</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.23)</FONT></TD></TR>
  </TABLE>

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

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

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

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

<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
accompanying notes are an integral part of these Consolidated Financial Statements.</FONT></P>


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">CONSOLIDATED
STATEMENT OF FINANCIAL POSITION</FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>As
of December 31, 2022 and 2021</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(In
millions of US$ &#8211; unless otherwise stated)</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Note</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.31.2022</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.31.2021</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">ASSETS</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">NON-CURRENT
    ASSETS</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Property, plant and
    equipment</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.1</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,164</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,659</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Intangible assets</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.2</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">138</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">38</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Right-of-use assets</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.1.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred tax asset</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.3</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">36</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">84</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investments in associates and joint ventures</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.2</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">902</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">774</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial assets at
    amortized cost</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.1</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">102</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">105</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial assets at
    fair value through profit and loss</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.2</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other assets</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade and other receivables</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.3</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">34</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total non-current
    assets</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,399</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,736</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">CURRENT
    ASSETS</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Inventories</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.4</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">173</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">155</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial assets at
    amortized cost</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.1</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial assets at
    fair value through profit and loss</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.2</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">586</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">458</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade and other receivables</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.3</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">470</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">397</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.4</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">106</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">110</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    current assets</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,343</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,125</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    assets</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,742</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,861</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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




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


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>As
of December 31, 2022 and 2021</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(In
millions of US$ &#8211; unless otherwise stated)</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Note</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.31.2022</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.31.2021</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">SHAREHOLDERS&acute;
    EQUITY</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share capital</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">36</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">36</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share capital adjustment</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">191</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">191</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share premium</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">516</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">516</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasury shares adjustment</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasury shares cost</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(23)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal reserve</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">45</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">61</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Voluntary reserve</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">968</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">659</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other reserves</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other comprehensive
    income</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">81</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">48</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Retained earnings&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">477</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">295</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Equity
    attributable to owners of the company</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,277</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,785</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-controlling interest</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    equity</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,284</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,791</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">LIABILITIES</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">NON-CURRENT
    LIABILITIES</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investments in joint ventures</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.2</FONT></TD>
    <TD STYLE="color: white; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Provisions</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.5</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">147</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">141</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Income tax and minimum
    notional income tax provision</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.6</FONT></TD>
    <TD STYLE="color: white; vertical-align: top; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">179</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">188</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred tax liability</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.3</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">112</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Defined benefit plans</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.8</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">24</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Borrowings</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,340</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,359</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade and other payables</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.6</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    non-current liabilities&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,827</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,728</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">CURRENT
    LIABILITIES</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Provisions</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.5</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Income tax liability</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.6</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tax liabilities</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.7</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Defined benefit plans</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.8</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Salaries and social
    security payable&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.9</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">32</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Derivative financial
    instruments</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Borrowings</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">273</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">79</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade and other payables</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.6</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">281</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">182</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    current liabilities&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">631</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">342</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    liabilities&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,458</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,070</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    liabilities and equity</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,742</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,861</FONT></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
accompanying notes are an integral part of these Consolidated Financial Statements.</FONT></P>

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


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY</FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
the years ended December 31, 2022, 2021 and 2020 </B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(In
millions of US$ &#8211; unless otherwise stated)</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="23" STYLE="border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attributable
    to owners</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Equity
    holders of the company</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Retained
    earnings</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share
    capital</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share
    capital adjustment</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share
    premium</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasury
    shares</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasury
    shares adjustment</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasury
    shares cost</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal
    reserve</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Voluntary
    reserve</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    reserves</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    comprehensive income / (loss)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Retained
    earnings (Accumulated losses)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subtotal</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-controlling
    interest</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    equity</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance as of December 31, 2019</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">46</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">260</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">510</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(44)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">42</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">422</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(18)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(29)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">726</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,917</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">492</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,409</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal and voluntary reserve constitution</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">707</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(726)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital reduction</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(59)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">140</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(72)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(19)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(19)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasury shares acquisition</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(59)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">59</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(102)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(96)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(104)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividens ditribution</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loss of the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(367)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(367)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(101)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(468)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other comprehensive income of the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(21)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(26)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(14)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(40)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance as of December 31, 2020</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">38</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">201</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">516</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">61</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,057</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(18)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(50)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(372)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,428</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">341</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,769</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal and voluntary reserve constitution</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(372)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">372</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital reduction</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">38</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(26)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasury shares acquisition</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(39)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(39)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(39)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stock compensation plans</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sale of subsidiary&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(334)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(334)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Profit (Loss) of the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">273</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">273</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(35)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">238</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other comprehensive income of the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">98</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">120</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">34</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">154</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance as of December 31, 2021</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">36</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">191</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">516</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">61</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">659</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">48</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">295</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,785</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,791</FONT></TD></TR>
  </TABLE>

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
the years ended December 31, 2022, 2021 and 2020 </B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(In
millions of US$ &#8211; unless otherwise stated)</FONT></P>

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

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="23" STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attributable
    to owners</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Equity
    holders of the company</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Retained
    earnings</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share
    capital</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share
    capital adjustment</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share
    premium</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasury
    shares</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasury
    shares adjustment</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasury
    shares cost</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal
    reserve</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Voluntary
    reserve</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    reserves&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    comprehensive income</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Retained
    earnings&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subtotal</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-controlling
    interest</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    equity</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance as of December
    31, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">36</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">191</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">516</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">61</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">659</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">48</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">295</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,785</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,791</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal and voluntary reserve constitution</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(16)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">311</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(295)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital reduction</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasury shares acquisition</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(18)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(18)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(18)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Profit of the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">456</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">456</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">457</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other comprehensive income of the year</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">33</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">21</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">54</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">54</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance as of December
    31, 2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">36</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">191</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">516</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(23)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">45</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">968</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">81</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">477</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,277</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,284</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The accompanying
notes are an integral part of these Consolidated Financial Statements.</FONT></P>

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">CONSOLIDATED
STATEMENT OF CASH FLOWS</FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
the years ended December 31, 2022, 2021 and 2020 </B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(In
millions of US$ &#8211; unless otherwise stated)</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify; background-color: white; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Note</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.31.2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.31.2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.31.2020</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    flows from operating activities:</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Profit of the year
    from continuing operations</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">457</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">313</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">124</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjustments to reconcile
    net profit to cash flows from operating activities:</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.1</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">307</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">365</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">380</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Changes in operating
    assets and liabilities</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.2</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(145)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(65)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(22)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net cash generated
    by operating activities from discontinued operations</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1.1</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">116</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">211</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    cash generated by operating activities</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">619</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">729</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">693</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    flows from investing activities:</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment for property, plant and equipment acquisitions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(416)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(206)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(124)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment for intangible assets acquisitions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(31)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment for public securities and shares
    acquisitions, net</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(102)</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(234)</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(151)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Subscription) Recovery of mutual funds,
    net</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">52</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">93</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment for the acquisition of subsidiaries
    and associates</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(111)</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(17)</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Early collection for sale of subsidiary</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Collection for equity interests in companies
    sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">44</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">51</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Collections for intangible assets sales</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">21</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividends received</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Collection of loans</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">26</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net cash used in investing activities from
    discontinued operations</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1.1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(166)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(86)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    cash used in investing activities</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(575)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(474)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(255)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    flows from financing activities:</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds
    from borrowings</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">308</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">188</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">353</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment
    of&nbsp;&nbsp;borrowings</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(143)</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(336)</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(291)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment
    of&nbsp;&nbsp;borrowings interests</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(162)</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(140)</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(190)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment
    for treasury shares acquisition</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(18)</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(39)</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(104)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Repurchase
    and redemption of corporate bonds</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(28)</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(110)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payments of leases</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payments of dividends</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payments to third parties for capital reduction
    of subsidiaries</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(19)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net cash used in financing activities from
    discontinued operations</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1.1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(73)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net cash used in financing
    activities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(46)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(342)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(445)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Decrease in cash
    and cash equivalents</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(87)</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents at the beginning of the year</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.4</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">110</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">141</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">225</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents at the beginning of the year reclasified to assets classified as held for sale</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1.1</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">52</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exchange
    difference generated by cash and cash equivalents</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(25)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents at the end of the year reclasified to assets classified as held for sale</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1.1</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(52)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Decrease
    in cash and cash equivalents</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(87)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents at the end of the year</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.4</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">106</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">110</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">141</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The accompanying
notes are an integral part of these Consolidated Financial Statements.</FONT></P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</FONT></P>

<P STYLE="font: 11pt Arial Unicode MS; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
the years ended December 31, 2022, 2021 and 2020</B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(In millions
of US$ &#8211; unless otherwise stated)</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
1</U>: GENERAL INFORMATION</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.1
General information of the Company</B></FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the generation segment, the Company, directly and through its subsidiaries and joint ventures, has a 5,088 MW installed capacity as of
December 31, 2022, which represents approximately 12% of Argentina&#8217;s installed capacity, and being one of the four largest independent
generators in the country. Additionally, the Company is currently undergoing a process to expand its installed capacity by an additional
437.5 MW.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the oil and gas segment, the Company develops an important activity in gas and oil exploration and production, with operations in 13
production areas and 5 exploratory areas reaching a production level of 9.8 million m3/day of natural gas and 5.3 thousand boe/day of
oil in Argentina, as of December 31, 2022. Its main natural gas production blocks are located in the Provinces of Neuqu&eacute;n and
R&iacute;o Negro.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the petrochemicals segment, operations are located in Argentina, where the Company operates 2 high-complexity plants producing styrene,
synthetic rubber and polystyrene, with a domestic market share ranging between 94% and 100%.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
through the holding and others segment, the Company participates in the electricity transmission and oil and gas transportation businesses.
In the transmission business, the Company jointly controls Citelec, which has a controlling interest in Transener, a company engaged
in the operation and maintenance of a 21,697&nbsp;km high-voltage electricity transmission network in Argentina with an 86% share in
the Argentine electricity transmission market. In the gas transportation business, the Company jointly controls CIESA, which has a controlling
interest in TGS, a company holding a concession for the transportation of natural gas with 9,233 km of gas pipelines in the center, west
and south of Argentina, and which is also engaged in the processing and sale of natural gas liquids through the Cerri Complex, located
in Bah&iacute;a Blanca, in the Province of Buenos Aires, in addition to shale gas transportation and conditioning at Vaca Muerta. Besides,
the Company owns a 30.1% indirect interest in OCP, licensee company of an oil pipeline in Ecuador that has a transportation capacity
of 450 thousand&nbsp;barrels/day. Additionally, the segment includes advisory services provided to related companies.</FONT></P>


<!-- Field: Page; Sequence: 19; Options: NewSection; Value: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.2
Economic context</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company operates in a complex economic context which main variables experience volatility as a result of political and economic events
both in the domestic and international spheres.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
the domestic level, in the first quarter of 2022 Argentina and the International Monetary Fund reached an agreement defining tax and
monetary goals for the country and agreeing on the refinancing of debt maturities. However, monthly inflation levels and depreciation
of the peso against the U.S. dollar have remained high, and exchange restrictions have remained in force and even tightened (see Note
2.5), continuing to affect the foreign currency value.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
the international level, Russia&#8217;s invasion to Ukraine in early 2022 entailed an important global destabilization factor, which
mainly resulted in lower growth expectations and increased inflation due to increased prices of food and energy (mainly oil and natural
gas).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
increase in international energy prices may adversely affect Argentina&#8217;s fiscal balance. In this respect, it is worth highlighting
that the Argentine Government, aiming to substitute fuel imports and strengthen the domestic supply, has promoted a project of the construction
of the N&eacute;stor Kirchner Gas Pipeline, which would allow for increasing transportation capacity by 24 million cubic meters of gas
per day through the installation and mounting of a total 1,020 km pipeline, in two stages: the first one, providing for the construction
of 553 kilometers to supply the Buenos Aires metropolitan area, and the second, for the construction of 467 additional kilometers to
supply large urban centers in central and northern Argentina with unconventional gas generated in the Vaca Muerta block, in the Province
of Neuqu&eacute;n. In 2022, ENARSA tendered and awarded the different tranches making up the first stage of the gas pipeline to the companies
in charge of its construction, with an estimated US$ 1,500 million cost to be financed with national treasury funds and the wealthiest
segment&#8217;s solidarity contribution. As of the issuance of these Consolidated Financial Statements, the first construction stage
is underway, and commissioning is expected for June 2023 &#8212;concurrently with the peak winter demand, with an associated transportation
capacity of 11 million cubic meters of gas per day. In addition to the original scheme, ENARSA decided to incorporate the construction
and installation of two turbochargers that would allow for increasing capacity to 20 million cubic meters of gas per day for the first
stage. In parallel, the Government announced the extension of Gas Plan (see Note 2.2.4.1.2) to provide producing companies with the incentives
and terms necessary to make investments allowing for the gas production increase required to inject and fill the pipeline from June 2023.</FONT></P>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Regarding
the energy industry, the sustained inflation increase and increased political-economic uncertainty have affected the electricity distribution
company&#8217;s payment chain, added to deferrals in the National Treasury contributions, as a result of which CAMMESA has recorded delays
in payment terms to generators and hydrocarbon producers exceeding 90 days in August 2022. Moreover, on June 16, 2022, PEN Executive
Order No. 332/22 established a subsidies segmentation system for electricity and natural gas utility residential customers. Under it,
the Argentine Government, which currently covers an average of 70% of the cost of energy, has launched an initiative to reach fairer
and more reasonable tariffs with a subsidies reduction and distribution scheme based on each household&#8217;s economic capacity, providing
that the highest-income segment should verify a gradual subsidies&#8217; reduction until fully covering the cost of energy by the end
of 2022.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Argentine economy registered a cumulative growth of 6.4% and 10.8% in the Gross Domestic Product in the third quarter of 2022 and 2021,
respectively, a 94.8% and 50.9% cumulative inflation (CPI) for fiscal years 2022 and 2021, respectively, and a 72.5% and 22.1% depreciation
of the peso against the U.S. dollar for 2022 and 2021, respectively, according to BNA&#8217;s exchange rate.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
context of volatility and uncertainty continues as of the date of issuance of these Consolidated Financial Statements.</FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
2</U>: REGULATORY FRAMEWORK</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.1</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Generation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1.1
<U>Generation units</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s revenues related to this segment come from: i) sales contracts with large users within the MAT (Resolutions No. 1,281/06
and No. 281/17); ii) supply agreements with CAMMESA (Resolutions No. 220/07, No. 21/16, No. 287/17 and Renovar Programs) and iii) sales
to the Spot market pursuant to the provisions applicable within the WEM administered by CAMMESA (SE Resolution No. 31/20 as from February
2020, SE Resolution No. 440/21 as from February 2021, SE Resolution No. 238/22 as from February 2022 and SE Resolution No. 826/22 as
from September 2022). The Company&#8217;s generating units, held directly and through its subsidiaries and joint ventures, are detailed
below:</FONT></P>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">In operation as of 12.31.2022:</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-size: 11pt; font-weight: bold; width: 16%; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 22%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 23%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 29%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border: Black 0.5pt solid; text-align: center">Generator</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Generating unit</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Tecnology</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Power</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Applicable regime <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GUEMTG01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">TG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">&nbsp;100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Energy Plus Res. No. 1,281/06</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GUEMTV11</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">&le;100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GUEMTV12</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&le;100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GUEMTV13</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&gt;100 MW&nbsp;</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Piquirenda</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">PIQIDI 01-10</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">MCI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">30 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CPB</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">BBLATV29</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&gt;100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CPB</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">BBLATV30</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&gt;100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CT Ing. White</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">BBLMD01-06</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">MCI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 21/16&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTLL</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">LDLATG01/TG02/TG03/TV01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">CC</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&gt;150 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTLL</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">LDLATG04</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&nbsp;105 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Res. No 220/07 (75%)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTLL</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">LDLATG05</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&nbsp;105 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 21/16</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTLL</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">LDLMDI01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">MCI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">15 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTGEBA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GEBATG01/TG02/TV01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">CC</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&gt;150 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTGEBA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GEBATG03</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">169 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Energy Plus Res. No. 1,281/06</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTGEBA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GEBATG03/TG04/TV02</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">CC</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">400 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 287/17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Ecoenerg&iacute;a</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">CERITV01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">14 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Energy Plus Res. N&deg; 1,281/06</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CT Parque Pilar</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">PILBD01-06</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">MCI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 21/16&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTB</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">EBARTG01 - TG02</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&gt;50 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.2pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">HIDISA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">AGUA DEL TORO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">HI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">HI &ndash; Media&nbsp;120&lt;P&le;300</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">HIDISA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">EL TIGRE</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">HR</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Renewable&nbsp;&nbsp;&le; 50</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">HIDISA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">LOS REYUNOS</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">HB</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">HB &ndash; Media 120&lt;P&le;300</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">HINISA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">NIHUIL I - II - III</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">HI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">HI &ndash; Small &nbsp;50&lt;P&le;120</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">HPPL</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">PPLEHI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">HI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">HI &ndash; Media&nbsp;120&lt;P&le;300</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">P.E. M. Cebreiro</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">CORTEO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Wind</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Renovar</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PEPE II</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">PAMEEO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">Wind</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">53 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">MATER Res. No. 281/17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PEPE III</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">BAHIEO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">Wind</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">53 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">MATER Res. No. 281/17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PEPE IV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">BAHIEO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">Wind</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">18 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">MATER Res. No. 281/17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PE Arauco</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">AR21EO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">Wind</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">99.75 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Renovar</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="5" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP> Surplus power capacity and energy are remunerated in the spot market.&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="5" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP> During the month of April 2022 the contract under Resolution No. 220/07 of CTB have ended, since then, power and energy have been remunerated in the spot market.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">In construction:</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border: Black 0.5pt solid; text-align: center">Generator</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Tecnology</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Capacity</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Applicable regime</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTB</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">CC&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">280 MW</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 220/07</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PEPE IV</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Wind</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">63 MW</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">MATER Res. No. 281/17</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PEPE VI</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Wind</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">94.5 MW</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">MATER Res. No. 281/17</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1.2
<U>Sales contracts with large users within the MAT</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.2.1
Energy Plus</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Aiming
to encourage new generation works, in 2006, the SE approved Resolution No. 1,281/06 in which established a specific regime which remunerates
newly installed generation sold to a certain category of Large Users at higher prices.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Energy Plus service consists of the offer of additional generation availability by generators, co-generators and self-generators which,
as of the date of publication of SE Resolution No. 1,281/06, were not WEM agents or did not have facilities or an interconnection with
the WEM. Considering that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">These
                                            plants should have fuel supply and transportation facilities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            energy used by GU300 in excess of the base demand (energy consumption for 2005 year) qualifies
                                            for Energy Plus agreements within the MAT at a price negotiated between the parties; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
                                            new GU300 entering the system, their base demand will equal zero.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
a generator cannot meet the power demand by an Energy Plus customer, it should purchase that power in the market at the operated marginal
cost, or, alternatively, support the committed demand in case of unavailability through agreements with other Energ&iacute;a Plus generators.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Currently,
the Company has Power Availability agreements in force with other generators whereby, in case of unavailability, it may purchase or sell
power to support the contracts mutually.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Furthermore,
the SE, through Note No. 567/07, as amended, established that GU300 not purchasing their surplus demand in the MAT should pay the Average
Incremental Charge of Surplus Demand (&#8220;CMIDE&#8221;). As from the month of June 2018, pursuant to SE Note No.&nbsp;28663845/18,
the CMIDE became the greater of $1,200/MWh or the temporary dispatch surcharge.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
this regime, the Company &#8212;through its power plants G&uuml;emes, EcoEnerg&iacute;a and Genelba&#8212; sells its energy and power
capacity for a maximum amount of 283&nbsp;MW. The values of Energy Plus contracts are mostly denominated in U.S. dollars.</FONT></P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.2.2
Renewable Energy Term Market (&#8220;MATER&#8221; Regime)</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to Resolution No. 281/17, the MEyM regulated the MATER Regime with the purpose of setting the conditions for large users within the WEM
and WEM distributing agents&#8217; large users covered by Section 9 of Law No. 27,191 to meet their demand supply obligation from renewable
sources through the individual purchase within the MATER from renewable sources or self-generation from renewable sources.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Projects
destined to the supply of electric power from renewable sources under the MATER Regime may not be covered by other remuneration mechanisms,
such as the agreements under the Renovar rounds. Surplus energy is sold in the spot market.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
contracts executed under the MATER Regime are administered and managed in accordance with the WEM procedures. The contractual terms &#8212;life,
allocation priorities, prices and other conditions, notwithstanding the maximum price set forth in Section 9 of Law No. 27,191&#8212;
are freely agreed between the parties, although the committed electricity volumes are limited by the electric power from renewable sources
produced by the generator or supplied by other generators or suppliers with which it has purchase agreements in place.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Resolution
No. 370/22 was passed on May 16, 2022, which expanded the MATER system allowing for the sale of renewable energy under this system to
meet the GUDI and distribution utility company&#8217;s demand.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
this resolution, the Company, through its PEPE II, III and IV wind farms, sells energy for up to 124 MW. Additionally, the Company has
started selling third-party generators&#8217; renewable energy for an approximate volume of 2 MW.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">After
the fiscal year closing, took place the commissioning of 4 additional wind turbines with an incremental capacity of 18 MW. For further
information regarding PEPE IV project, see Note 17.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.2.3
MATER dispatch priority</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
Resolution No. 551/21 published on June 16, 2021 modified the dispatch priority maintenance system established by Resolution No. 281/17.
Overall, it replaces the granting of a security for the maintenance of the dispatch priority by the payment of a quarterly installment
of US$&nbsp;500/MW until commissioning within the declared term or a maximum term of 24 months as from the priority assignment. It also
established certain conditions for obtaining an extension in the committed commissioning date, which, according to the project development
level and the requested extension term, requires a payment between 500 and 1,500 US$/MW/month.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
it allows projects with an assigned dispatch priority but not yet commissioned to continue their execution keeping the dispatch priority,
or to waive such priority, thus releasing the transmission capacity.</FONT></P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company, as owner of the Wind Farm project, located in Las Armas, Province of Buenos Aires, notified its decision to waive the timely
granted dispatch priority, and recovered the security it had provided. As a result, CAMMESA notified that the already initiated execution
of the security was determined to be moot as it had no further claim against the Company; therefore, as of September 30, 2021, the amount
of US$ 12.5 million recorded for to such effect was recovered and disclosed under the item &#8220;Other operating income&#8221; of the
Consolidated Statement of Comprehensive Income.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the MATER calls for tenders for the third quarter of 2021 and 2022, the Company was awarded a 36 MW and 41 MW dispatch priority, respectively,
for the expansion of the PEPE III wind farm. For further information on the extension project aforementioned, see Note 17.1.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1.3
<U>Supply Agreements with CAMMESA</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.3.1
SE Resolution No. 220/07 </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Aiming
to encourage new investments to increase the generation offer, the SE passed Resolution No. 220/07, which empowers CAMMESA to enter into
220 Agreement with WEM Generating Agents for the energy produced with new equipment. These will be long-term agreements and the price
payable by CAMMESA should compensate for the investments made by the agent at a rate of return to be accepted by the SE.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Within
the framework of this resolution, the Company has remunerated units under 220 agreements for 79 MW and 280 MW, through Loma la Lata thermal
power plant and as from the closing to combined cycle&#8217;s commissioning at Ensenada de Barrag&aacute;n thermal power plant, owned
by CTB, respectively (see Note 5.2.3).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.3.2
SE Resolution No. 21/16</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
a result of the state of emergency in the national electricity sector, on March 22, 2016, the SE issued Resolution No. 21/16 calling
for parties interested in offering new thermal power generation capacity with the commitment to making it available through the WEM for
the 2016/2017 summer, 2017 winter, and 2017/2018 summer periods.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the awarded projects, wholesale power purchase agreements were entered into with CAMMESA for a term of 10 years, with a remuneration
made up of the available power capacity price plus the variable non-fuel cost for the delivered energy and the fuel cost (if appropriate),
less penalties and fuel surpluses. Surplus power capacity is sold in the spot market.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to this resolution, the Company, through its Loma de la Lata, Ingeniero White and Pilar thermal power plants, has effective agreements
with CAMMESA for the sale of energy and power capacity for a total 305&nbsp;MW.</FONT></P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.3.3
SE Resolution No. 287/17 </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 10, 2017 the SE issued Resolution No. 287/17 launching a call for tenders for co-generation projects and the closing to CC over existing
equipment. The projects should have low specific consumption (lower than 1,680 kcal/kWh with natural gas and 1,820 kcal/kWh with alternative
liquid fuels), and the new capacity should not exceed the existing electric power transmission capacity; otherwise, the cost of the necessary
extensions will be borne by the bidder.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to this regulation, the Company, through its Genelba thermal power plant, has entered into a wholesale power purchase agreement with
CAMMESA for the sale of energy and power capacity for a total 400 MW, for a term of 15 years.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.3.4
Renovar Programs</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
order to meet the objectives, set by Law No. 26,190 and Law No. 27,191 promoting the use of renewable sources of energy, the MEyM called
for open rounds for the hiring of electric power from renewable sources (Renovar Programs, Rounds 1, 1.5 and 2) within the WEM. These
calls aimed to assign power capacity contracts from different technologies (wind energy, solar energy, biomass, biogas and small hydraulic
developments with a power capacity of up to 50 MW).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the awarded projects, renewable electric power supply agreements were executed for the sale of an annual committed electric power block
for a term of 20 years.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
several measures were established to promote the construction of projects for the generation of energy from renewable sources, including
tax benefits (advance VAT reimbursement, equipment&#8217;s accelerated depreciation in the income tax, import duty exemptions, etc.)
and the creation of a fund for the development of renewable energies destined, among other objectives, to the granting of loans and capital
contributions for the financing of such projects.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 27, 2021, the SE passed Resolution No. 1,260/21 to address issues regarding the projects under the different Renovar rounds
that did not meet committed commissioning terms. Upon satisfaction of certain conditions, the resolution gives project awardees the option
to: i) terminate the current contract with CAMMESA against the payment of a sum of money; ii) amend the contract and extend the term
for commissioning against a reduction in the contract price and term; iii) commission the project for a power capacity lower than that
committed initially.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the Renovar programs, the Company, through Greenwind, has a supply contract in place with CAMMESA for a total of 100 MW, and in December
2022 it incorporated an additional 99.75 MW following the acquisition of Arauco wind farm (see Note 5.1.5).</FONT></P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.3.5
RenMDI Call </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
Resolution No. 36/23 launched a national and international call for tenders to select renewable energy generation projects with a twofold
objective: i) the substitution of forced generation (line 1) and ii) the diversification of the energy matrix (line 2). The tender form
establishes the following maximum power capacities to be awarded: (i) 500 MW distributed among 6 regions for line 1 and (ii) 120 MW throughout
the national territory for line 2. The projects under line 2 will have no priority over other renewable projects.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Projects
will be remunerated under a supply agreement executed with CAMMESA for a term of 15 years from the project&#8217;s commissioning. Until
commissioning, the tenderer will meet a payment scheme (an initial payment and quarterly payments), which will be allocated to a special
account to be administered by CAMMESA through the the &#8220;Electricity Supply Transportation Works Fund&#8221; trust (&#8220;FOTAE&#8221;)
for the transmission system&#8217;s expansion.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
tender submission deadline is April 27, 2023. As of the date of issuance of these Consolidated Financial Statements, Pampa is evaluating
the possibility of participating in the call.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.3.6
Remuneration for combined cycles </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
Resolution No. 59/23 dated February 7, 2023 established an opt-in system under which combined cycles&#8217; owners could execute an availability
and efficiency optimization agreement with CAMMESA. The agreement contemplates an availability commitment for 85% of the net power capacity
for a maximum term of 5 years, and sets a US$ 2,000/Mw-month remuneration for the power capacity made available and the dollarization
of the energy price based on the fuel used (US$ 3.5/MWh for natural gas and US$ 6.1/MWh for fuel oil and gas oil). Besides, it provides
for a 35% and 15% reduction in the remuneration collectible for guaranteed power capacity for generators with availability commitments
in the spot market for the summer-winter and autumn-spring periods, respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
opt-in application form should be submitted to CAMMESA within a term of 90 calendar days. As of the date of issuance of these Consolidated
Financial Statements, the Company is currently evaluating the resolution.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1.4
<U>Remuneration at the Spot market</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
February 27, 2020, SE Resolution No. 31/20 was published in the BO, applicable as from February 2020, established remunerative items
based on technology and scale with prices in pesos and set an additional remuneration, in pesos, for the power capacity generated during
the hours of maximum thermal demand of the month, taking into consideration the average power capacity generated by thermal generators
and the average power capacity operated by hydroelectric generators.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Besides,
SE Resolution No. 31/20 set a monthly remuneration update scheme with a factor contemplating a 60% CPI and 40% IPIM adjustment. However,
on April 8, 2020, through Note No. 2020-24910606-APN-SE#MDP, the SE instructed CAMMESA to postpone the application of this automatic
adjustment mechanism.</FONT></P>

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


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 19, 2021, SE Resolution No. 440/21 provided for a 29% increase in spot generation remuneration values, and repealed the automatic
adjustment mechanism established by SE Resolution No. 31/20.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
November 2021, SE Resolution No. 1,037/21, instrumented through Note NO-2021-108163338-APN-SE#ME, provided for an additional transitional
remuneration for generated energy and suspended the application of the utilization factor for economic transactions comprised between
September 1, 2021 and February 28, 2022.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
April 21, 2022, SE Resolution No. 238/22 was published in the BO. This resolution provided a 30% increase in spot generation remuneration
values from the February 2022 economic transaction, and an additional 10% increase from the June 2022 economic transaction. It also abrogated
the application of the utilization factor and the additional transitional remuneration set by SE Resolution No. 1,037/21.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 14, 2022, through SE Resolution No. 826/22, the spot remuneration values were modified considering the following increases:
i) 20% from the September 2022 economic transaction; ii) 10% from the December 2022 economic transaction; iii) 25% from the February
2023 economic transaction; and iv) 28% from the August 2023 economic transaction.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
SE Resolution No. 826/22 replaced the remuneration scheme at hours of maximum thermal demand with a differentiated remuneration scheme
at peak hours from the November 2022 economic transaction.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
applicable remunerations, based on technology and resolution, are detailed below. The amounts reported under SE Resolution No. 238/22
and SE Resolution No. 826/22 correspond to tariffs applicable from the June 2022 and December 2022 economic transactions, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.4.1
Remuneration for Available Power Capacity </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1.4.1.1
Thermal Power Generators</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
minimum remuneration for power capacity based on technology and scale was established, and generating, co-generating and self-generating
agents owning conventional thermal power plants were allowed to offer guaranteed availability commitments for the energy and power capacity
generated by their units and not committed under sales contracts with large users within the MAT and supply agreements with CAMMESA.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Availability
commitments are tendered for quarterly periods: a) summer (December through February); b) winter (June through August) and c) &#8216;other,&#8217;
which comprises two quarters (March through May, and September through November), the thermal generators&#8217; remuneration for committed
power capacity being proportional to their compliance.</FONT></P>


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
minimum remuneration for generators with no availability commitments includes the following scales and prices:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Technology
    / Scale</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 238/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 826/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Large CC Capacity
    &gt; 150 MW</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">100,650</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">129,839</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">185,670</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">245,084</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Large TV Capacity
    &gt; 100 MW</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">143,550</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">185,180</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">264,807</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">349,546</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Small TV Capacity
    &#8804; 100 MW</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">171,600</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">221,364</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">316,551</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">417,847</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Large
    GT Capacity &gt; 50 MW</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">117,150</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">151,124</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">216,107</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">285,262</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
remuneration for guaranteed power capacity to generators with availability commitments is:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Period</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No 238/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No 826/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Summer
    &#8211; Winter</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">360,000</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">464,400</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">664,092</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">876,601</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fall
    - Spring</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">270,000</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">348,300</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">498,069</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">657,451</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the case of thermal power plants with a power capacity equal to or lower than 42 MW in total, a differential remuneration was applied
until its elimination on August 2022.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the same way, a coefficient derived from the average utilization factor over the unit&#8217;s last twelve months was applied to the power
capacity remuneration: with a minimum 70% of the utilization factor, 100% of the power capacity payment is collected; if the utilization
is between 30% and 70%, the power capacity payment ranges from 70% to 100%; and if the utilization factor is lower than 30%, 70% of the
power capacity payment was collected until January 2020 and 60% of the power capacity payment is collected as from February 2020. The
application of this factor was suspended in 2021 and finally abrogated from February 2022 (see Note 2.1.4.3).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the February 2020 to October 2022 period, an additional remuneration for the hours of maximum thermal requirement of the month (hmrt)
was established, which corresponds to the 50 hours with the largest dispatch of thermal generation of each month divided into two blocks
of 25 hours each, applying the following prices to the average generated power:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Period</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 238/22</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Summer
    &#8211; Winter</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">45,000</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">22,500</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">58,050</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">29,025</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">83,012</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">41,506</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fall
    - Spring</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,500</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,675</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,835</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1.4.1.2
Hydroelectric Generators</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Power
capacity availability is determined independently of the reservoir level, the contributions made, or the expenses incurred. Furthermore,
in the case of pumping hydroelectric power plants, the operation as turbine and pump is considered to calculate availability.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
base remuneration includes the following scales and prices:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Technology
    / Scale</FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 238/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-mes)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 826/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-mes)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Medium HI Capacity
    &gt; 120 &#8804; 300 MW</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">132,000</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">170,280</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">243,500</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">321,421</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Small HI Capacity
    &gt; 50 &#8804; 120 MW</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">181,500</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">234,135</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">334,813</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">441,953</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Medium Pumped HI Capacity
    &gt; 120 &#8804; 300 MW</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">132,000</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">170,280</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">243,500</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">321,421</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Renewable
    HI Capacity &#8804; 50 MW</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">297,000</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">383,130</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">547,876</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">723,196</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
payment for power capacity is determined by the actual capacity, hours of unavailability due to programmed and/or agreed maintenance
are not computed for the calculation of the remuneration. However, to consider the incidence of programmed maintenance works in power
plants, SME Note No. 46631495/19 provided for the application of a 1.05 factor over the power capacity payment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the case of hydroelectric power plants maintaining control structures on river courses and not having an associated power plant, a 1.20
factor is applied to the plant at the headwaters.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Furthermore,
for the February 2020 to October 2022 period, an additional remuneration was set for the hours of maximum thermal demand (hmrt), corresponding
to the 50&nbsp;hours with the largest dispatch of thermal generation in each month, divided into two blocks of 25&nbsp;hours each:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Generation
units &gt; 50 MW and &#8804; 300 MW</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Period</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 238/22</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="width: 22%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Summer
    &#8211; Winter</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">39,000</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,500</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">50,310</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">25,155</FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">71,943</FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">35,972</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fall
    - Spring</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,500</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,385</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,991</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Generation
units &#8804; 50 MW</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Period</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">SE
    No. 31/20 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">SE
    No. 440/21 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">SE
    No. 238/22</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Summer
    &#8211; Winter</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">42,000</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">21,000</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">54,180</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">27,090</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">77,478</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">38,739</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fall
    &#8211; Spring</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,000</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,030</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,913</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.4.2
Remuneration for generated and operated energy </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the case of thermal power generators, a remuneration was set for generated energy, depending on the type of fuel used, and for operated
energy, as shown below:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Remuneration</FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 238/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 826/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Generated
    energy</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Between
    240 and 420</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Between
    310 and 542</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Between
    403 and 705</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Between
    585 and 1,023</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operated
    energy</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">84</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">108</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">154</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">204</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
is worth highlighting that if the thermal generation unit operates outside its optimal dispatch, the remuneration for generated energy
will be recognised at 60% of the installed net capacity, irrespective of the energy delivered by the unit.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the case of hydroelectric plants, the following prices were established for generated and operated energy, irrespective of scale:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Remuneration</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 238/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 826/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Generated
    energy</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">210</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">271</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">388</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">512</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operated
    energy</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">84</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">108</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">154</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">204</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
remuneration for operated energy should correspond with the grid&#8217;s optimal dispatch; however, the current resolution does not indicate
which would be the consequence otherwise.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the case of pumping hydroelectric power plants, both the generated energy and that used for pumping are considered. Besides, if it works
as a synchronous condenser, 60 $/MVAr, and 77 $/MVAr, 110 $/MVAr and 145 $/MVAr are recognised under SE Resolution No. 31/20, and No.
440/21, No. 238/22 and No. 826/22, respectively, for the megavolt-amperes exchanged with the grid when required, in addition to the prices
for operated energy.</FONT></P>


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
from November 2022, a differentiated remuneration scheme applicable to thermal and hydroelectric generators for generated energy at peak
hours, was established with a remuneration equivalent to twice the value of the generated energy&#8217;s current price at peak hours
(18:00 to 23:00) every day in the months of December, January, February, June, July and August, and to one time that value for the same
hours in the months of March, April, May, September, October and November.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
regards energy generated from unconventional sources, a single remuneration value was set irrespective of the source used:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Remuneration</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 238/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 826/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Generated
    energy</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,680</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,167</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,099</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,719</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Energy
generated before commissioning by the Agency in Charge of Dispatch, will be remunerated at 50% of the above-mentioned remuneration.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.4.3
Transitory additional remuneration</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
November 2, 2021, SE Resolution No. 1,037/21 provided as follows: (i) the creation of an exports account in the WEM&#8217;s stabilization
fund for the accumulation of income from electricity export transactions conducted by CAMMESA, as from the economic transactions for
the month of September 2021, for the financing of energy infrastructure works; and (ii) the transitory recognition of an additional remuneration
to the one established by SE&nbsp;Resolution No. 440/21 for the economic transactions comprised between September 1, 2021 and February
28, 2022. On November 9, 2021, the SE, through Note NO-2021-108163338-APN-SE#ME, instructed CAMMESA to assume that covered generators
have a 70% utilization factor, therefore, 100% of the power capacity remuneration would be paid, and added an amount of $ 1,000/MWh for
exported energy, which will be distributed proportionately to the energy generated monthly by each generator.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
Resolution No. 238/22 canceled the detailed additional and transitory remuneration from the February 2022 economic transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.4.4
Suspension of contracts within the MAT</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
suspension of contracts within the MAT (excluding those derived from a differential remuneration scheme) provided for by SE Resolution
No. 95/13 remains in effect.</FONT></P>


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1.5
<U>Fuel supply for thermal power plants </U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 27, 2019, the Ministry of Productive Development Resolution No. 12/19, restored the centralized scheme in CAMMESA for the supply
of fuels for generation purposes (except for generators under the Energy Plus regime and with Wholesale Power Purchase Agreements under
Resolution SE No. 287/17).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
December 2020, on account of the implementation of the GasAr Plan (see Note 2.2.4.1.2), SE Resolution No.&nbsp;354/20 was passed, which
established a new dispatch order for generation units based on the fuel supplied for their operation under a centralized dispatch scheme.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
Resolution No. 354/20 established the gas volumes CAMMESA should prioritize in the electricity dispatch. In this sense, firm volumes
to be used by CAMMESA were defined, including: i) volumes corresponding to contracts entered into by CAMMESA with producers acceding
to the GasAr Plan; ii) volumes corresponding to contracts executed by adherent producers with generators acceding to the centralized
dispatch (these volumes will be discounted by the adherent producers from the applicable quota for which they should enter into contracts
with CAMMESA under the GasAr Plan) and; iii) volumes to meet the Take or Pay (&#8220;TOP&#8221;) obligations under the supply agreement
entered into between IEASA and Yacimientos Petrol&iacute;feros Fiscales Bolivianos (&#8220;YPFB&#8221;).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Besides,
an electricity dispatch priority scheme was set based on the allocation of the natural gas quota taking into consideration the TOP obligations.
To this effect, the following priorities were set (within each priority level, the order of agents is set based on the generator&#8217;s
production cost):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dispatch
                                            Priority 1: Generators, Self-generators and/or Co-generators supplied with a natural gas
                                            quota under a TOP Bolivia condition assigned by IEASA. If a generator with a fuel stocking
                                            obligation optionally acquires from IEASA natural gas from Bolivia, this volume will be included
                                            in this quota.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dispatch
                                            Priority 2: Generators, Self-generators and/or Co-generators supplied by CAMMESA with a natural
                                            gas quota from the centralized list of volumes up to the TOP of each contract.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dispatch
                                            Priority 3: Generators, Self-generators and/or Co-generators supplied by CAMMESA with a natural
                                            gas quota from the centralized list of volumes for the Daily Maximum Amount (DMA) less those
                                            corresponding to the TOP of each contract.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dispatch
                                            Priority 4: Generators, Self-generators and/or Co-generators supplied by CAMMESA with natural
                                            gas or LNG coming from other firm commitments undertaken by CAMMESA.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dispatch
                                            Priority 5: Generators, Self-generators and/or Co-generators supplied with a gas quota from
                                            the unassigned, spot natural gas contracts from any source, acquired by CAMMESA and/or the
                                            Generator, according to the supply source. In the case of a generator with its own fuel,
                                            the maximum amount to be acknowledged will be the corresponding reference prices.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
regards the costs associated with the supply of these fuels, it was established that the electricity demand will bear, among others,
the regulated transportation costs, the cost of natural gas and the applicable TOP obligations.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Generating
agents that kept the possibility to purchase their fuel supply (agents under the Energy Plus regime or with Wholesale Purchase Agreements
under Resolution SE No. 287/17) could opt in or out of CAMMESA&#8217;s unified dispatch, through the operating assignment of the contracted
firm transportation and gas volumes, which impact the assigned priority order. Under such assignment, agents should waive all claims
regarding the application of SE Resolution No.&nbsp;354/20.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the specific case of generators with wholesale power purchase agreements under SE Resolution No. 287/17, it was provided that they would
have the option of canceling the self-supply obligation and the resulting recognition of its associated costs, having to maintain the
respective transportation capacity for its management in the centralized dispatch.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company assigned the firm transportation and gas volumes committed to supplying Genelba Plus&#8217; CC and Energy Plus contracts, setting
certain guidelines for calculating fuel costs to support its Energy Plus contracts. In the case of the supply to Genelba Plus&#8217;
CC, the assignment will remain effective during the life of the GasAr Plan, and it may be revoked by the generator with a minimum advance
notice of 30 business days. Within this framework, the parties agreed to enter into an addendum to the Wholesale Power Purchase Agreement
to establish the modifications regarding this new supply scheme, which execution is pending as of the issuance of these Consolidated
Financial Statements.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.2</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Oil
                                            and gas</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2.1
<U>Argentine Hydrocarbons Law</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
October 29, 2014, the National Congress enacted Law No. 27,007 amending Hydrocarbons Law No. 17,319 (enacted in 1967), which empowers
the Government to grant exploration permits and concessions to the private sector. Additionally:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sets
                                            the terms for exploration permits:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Conventional
                                            exploration</I>: the basic term is divided into two periods of up to three years each, plus
                                            an optional extension of up to five years;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Unconventional
                                            exploration</I>: the basic term is divided into two periods of four years each, plus an optional
                                            extension of up to five years; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Continental
                                            shelf and off-shore exploitation</I>: the basic term is divided into two periods of three
                                            years each, plus an optional extension of one year each.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sets
                                            the terms for exploitation concessions, extensible for 10-year terms:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Conventional
                                            exploitation concession</I>: 25 years;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Unconventional
                                            exploitation concession</I>: 35 years; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Continental
                                            shelf and off-shore exploitation concession</I>: 30 years.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sets
                                            transportation concessions will be granted for the same term than that granted for the originating
                                            exploitation concession.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sets
                                            prices for payments of exploration and exploitation levy and empowers the enforcement authority
                                            to establish the payment of extension and exploitation bonds.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Establishes
                                            a 12% royalty payable by the exploitation concessionaire to the grantor on the proceeds derived
                                            from liquid hydrocarbons extracted at wellhead and the production of natural gas. In the
                                            case of extension, additional royalties for up to 3% over the applicable royalties at the
                                            time of the first extension, up to a total of 18%, will be paid for the following extensions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Provides
                                            for two types of non-binding commitments between the National Government and the Provinces
                                            aiming to establish a uniform environmental legislation and to adopt a uniform tax treatment
                                            to encourage hydrocarbon activities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restricts
                                            the National Government and the Provinces from reserving new areas in the future in favor
                                            of public or mixed companies or entities, irrespective of their legal form.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
its part, the Ministry of Energy and Natural Resources of the Province of Neuqu&eacute;n established certain parameters for the granting
of Hydrocarbons Unconventional Exploitations Concessions (&#8220;CENCH&#8221;) in this province, instrumented through Resolution No.
53/20 dated July 1, 2020 and Resolution No. 142/21 dated November 24, 2021, and later ratified by Provincial Executive Order No. 2,183/21
in December 2021. Companies may request a CENCH based on a development project that will include a pilot plan for a term of up to five
years to demonstrate its technical and economic feasibility. Furthermore, if companies request the inclusion in the CENCH of a surface
larger than that assigned to the approved pilot plan, the payment of a block extension bond should be included, which value will be associated
with the resources expected to be recovered in the extended block, considering the basin&#8217;s average price over the last two&nbsp;years.
Besides, while the CENCH is in effect, companies should submit continuous development plans and investment commitments, updated annually.</FONT></P>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2.2
<U>Hydrocarbon exploration and exploitation levy</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Law
No. 27,007 set the levy values per km2 or fraction to be paid annually and in advance by the permit holder. Exploitation permits will
amount to $ 4,500 and exploration permits, to $ 250 in the first period, $ 1,000 in the second period of the basic term, and $ 17,500
during the first year of the extension (with a 25% annual cumulative increase). It is worth highlighting that up to 10% of the levy value
payable in the second period of the basic term and the extension may be offset with actual investments per km2.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
September 26, 2019, the Province of Neuqu&eacute;n, pursuant to Provincial Executive Order No. 2,032/19, published new levy values per
km2 or fraction effective for this province from 2020. The exploitation levy was set at $ 22,410, and the exploration levy at $ 1,245
for the first period, $ 4,980 for the second period, $ 7,470 for the third period, and $ 87,150 for the extension period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
2021, PEN Executive Order No. 771/20 set a maximum levy in pesos equivalent to a certain volume of oil at the average price for the semester
before settlement, at BNA&#8217;s exchange rate effective on the last business day before payment. This scheme is applicable nationwide
(including the Province of Neuqu&eacute;n, which acceded to it under Provincial Executive Order No. 1,656/20). Exploitation permits amount
to 8.28 barrels and exploration permits to 0.46 barrels in the first period, 1.84 barrels in the second period of the basic term, and
32.22 barrels in the extension period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2.3.
<U>Currency access for incremental oil and natural gas production systems and regional and national supplier&#8217;s employment, labor
and development promotion system</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 28, 2022, PEN Executive Order No. 277/22 was published, which established currency access systems for the incremental production
of oil (&#8220;RADPIP&#8221;) and natural gas (&#8220;RADPIGN&#8221;), as well as the regional and national supplier&#8217;s employment,
labor and development promotion system (&#8220;RPEPNIH&#8221;). This executive order, later regulated by PEN Executive Order No. 484/22
dated August 12, 2022, mainly provided for eased access to the MLC for beneficiaries increasing their gas injection levels and/or oil
production.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficiaries
must meet the following requirements to access the RADPIP and the RADPIGN: (i) be registered with the SE&#8217;s oil companies registry;
(ii) accede to the system; (iii) attain an incremental oil production or natural gas incremental injection levels; (iv) comply with the
RPEPNIH; and (v) be an awardee and fulfill the obligations provided under natural gas production promotion or stimulus programs (exclusively
for the RADPIGN).</FONT></P>


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficiaries
under these systems may access the MLC to make principal and interest payments of commercial or financial liabilities abroad, including
liabilities with non-resident affiliates, and to pay earnings and dividends for closed and audited balance sheets and/or the repatriation
of direct investments by non-residents. This benefit may be transmitted to direct suppliers. Moreover, access to the MLC under this system
will not be subject to BCRA&#8217;s prior authorization requirement in case exchange regulations so require.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Currency
access benefits for acceding the RADPIP and/or RADPIGN will be taken into consideration and timely discounted.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Regarding
the RPEPNIH, supplier development plans guaranteeing regional and national integration will be controlled. Moreover, a hiring scheme
is contemplated granting preferences to regional and national goods and/or services suppliers.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
January 16, 2023, SE Resolution No. 13/23 was published in the BO, which regulated the opt-in system and the procedure to obtain the
currency access benefit created by PEN Executive Order No. 277/22.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
February 8, 2023, the Company requested the opt-in to both aforementioned regimes and the benefits for the third and fourth quarters
of 2022.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2.4
<U>Gas Market</U></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.2.4.1
Natural Gas Production Promotion or Stimulus Programs</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2.4.1.1
Argentine Natural Gas Production Promotion Plan (&#8220;GasAr Plan&#8221;)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
November 16, 2020, Executive Order No. 892/20 was published in the BO, which approved the GasAr Plan to foster the development of the
Argentine gas industry based on a bidding mechanism, and instructed the SE to instrument such plan and to set the applicable complementary
and clarifying rules.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
November 23, 2020, the SE, through Resolution No. 317/20, launched the &#8220;National Public Call for Tenders for the Argentine Natural
Gas Production Promotion Plan &#8211; 2020-2024 supply and demand scheme&#8221; for the award of a volume of 70 million m3 of natural
gas per calendar year (CAMMESA plus distributors), which may be modified by the SE to guarantee an optimal domestic supply.</FONT></P>

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


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
contract samples stipulated a Deliver or Pay (&#8220;DOP&#8221;) obligation of 100% per day for producers and a Take or Pay (&#8220;TOP&#8221;)
obligation of 75% per month for CAMMESA and per quarter for distributors. Regarding the payment of contracts with distributors, the Federal
Government will bear the monthly difference between the price tendered and that resulting from the tariff schemes through a subsidy payable
directly to producers. Under Law No. 27,591, payment of this subsidy is secured by Tax Credit Certificates, which were regulated by SE
Resolution No. 125/21 and AFIP General Resolution No. 4,939/21.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
to access the GasAr Plan producers submitted a plan of investments necessary to maintain the committed production and a national added-value
commitment providing for the development of direct local, regional and national suppliers.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 15, 2020, Resolution No. 391/20 was published in the BO, awarding the natural gas volumes tendered under GasAr Plan, Round 1.
In this sense, out of a total natural gas base volume of 67.42 million m3/day to be purchased, in terms of tendered volume, the Company
ranked third in the Neuquina Basin, with an awarded base volume of 4.9 million m3/day at an annual average price of US$ 3.60/MBTU for
a term of four years effective as from January 1, 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
the Company has been one of the three producers tendering an additional volume for the winter period, with the award of 1 million m3/day
at US$ 4.68/MBTU, a volume deemed indispensable to accompany the high seasonality of the Argentine demand, reducing gas imports, the
consumption of alternative fuels, and the use of foreign-currency reserves.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
March 9, 2021 Resolution No. 169/21 was published in the BO, which awarded natural gas volumes offered under the GasAr Plan, Round 2
Tender. In this sense, the Company was awarded a volume of 0.70 million m3/day, 0.90 million m3/day and 1 million m3/day for the months
of June, July and August-September 2021, respectively, and 0.86 million m3/day to meet the winter peak demand for the years 2022 through
2024, at a price of US$ 4.68/MBTU.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
Resolution No. 984/21 dated October 19, 2021, the SE called for Round 3 under GasAr Plan for 2022 through 2024 inclusive, with injection
starting in May 2022. The resolution determined that the cap price for tenders is the maximum price tendered under Round 1. The Company
took part in this call, tendering 2 million m3/day for the Neuquina basin at a price of US$ 3.347/MBTU; on November 11, 2021, the SE
issued Resolution No. 1,091/21, awarding the tendered volumes and prices.</FONT></P>

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

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


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2.4.1.2
2023-2028 Plan to Reinsure and Encourage Federal Hydrocarbon Production, Domestic Self-Supply, Exports, Imports Substitution, and the
Expansion of the Transportation System for all the Country&#8217;s Hydrocarbon Basins (&#8220;Reinsurance Plan&#8221;)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
November 3, 2022, Executive Order No. 730/22 was published in the BO, which amended the GasAr Plan&#8217;s scheme approved by Executive
Order No. 892/20.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Reinsurance Plan establishes a new term for the system until December 31, 2028, with the following main objectives: (i) consolidating
a new 70 MMm3/d flat block (volumes awarded under GasAr Plan&#8217;s Round 1 and 3), excluding winter peaks; and (ii) developing the
demand for the incremental volumes to be evacuated using the new transportation capacity following the construction of the N&eacute;stor
Kirchner Gas Pipeline (TransportAr Program, SE Resolution No. 67/22).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consequently,
on November 14, 2022, SE Resolution No. 770/22 was published in the BO, calling for Tender Rounds 4 for the Neuquina Basin, and 5, for
the Del Golfo and Austral Basins.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the Neuquina Basin, the following calls were made:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)
Round 4.1: for the extension of the commitments undertaken under Rounds 1 and 3 of the GasAr Plan for 4 additional years, from January
1, 2025 to December 31, 2028, for the same volumes, and with prices equal to or lower than the timely awarded price; and</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)
Round 4.2: for the award of the following incremental volumes:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -14.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
Flat Gas: 11 MMm3/day from July 1, 2023 to December 31, 2028, and 3 MMm3/day from January 1, 2024 to December 31, 2028, with prices not
exceeding US$ 4 MBTU; and</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -14.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
Peak Gas: 7 MMm3/day from May 1 to September 30, for each of the 2024-2028 and 2025-2028 periods, with prices equal to or lower than
US$ 6.9 MBTU and an applicable 1.3 adjustment factor.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company participated in Round 4.1, seeking to extend commitments under GasAr Plan&#8217;s Rounds 1 and 3 until December 2028 and keeping
the originally tendered prices of US$ 3.6 MBTU and US$ 3.347 MBTU, respectively. Moreover, it submitted the following tenders under Round
4.2: (i) Flat Gas: 4.8 million m3/day at a price of US$ 3.485 MBTU from July 1, 2023 to December 31, 2028; (ii) Peak Gas: 3 million m3/day
at a price of US$ 5.190 MBTU for the 2024-2028 period and 1.9 million m3/day at US$ 4.770 MBTU for the 2025-2028 period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 22, 2022, through SE Resolution No. 860/22, the Company was awarded the extension of the commitments for Round 4.1 and a 4.8
million m3/day demand associated with flat gas under Round 4.2.</FONT></P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
awards granted to the Company and the contracts executed represent a production commitment of 15.7 million m3/day for winter periods
and 13.8 million m3/day for summer periods in 2023-2024. Compared to 2022, this commitment represents a 44% increase in winter production,
the period with the largest gas supply needs in the country. As from 2025, the commitment under the Reinsurance Plan will amount to 13.8
million m3/day.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Based
on the gas demand curve projected by the SE, the Company will enter into new contracts with CAMMESA, IEASA and distributors.</FONT></P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.2.4.2
Natural gas for the residential segment and CNG</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 27, 2022, SE Resolution No. 403/22 provided for an update of new natural gas PIST prices under existing contracts executed within
the framework of GasAr Plan&#8217;s promotion scheme, reducing the subsidy payable by the Federal Government from June 1, 2022.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
in the months of February, June and August 2022, public hearings were held to analyze the Plan Gas.Ar portion of the natural gas PIST
price to be borne by the Federal Government. It is worth highlighting that SE Resolution No. 610/22 determined a gradual increase in
the PIST price distributors will pay for unsubsidized residential consumptions, keeping the subsidized price for the remaining users.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
January 10, 2023, SE Resolution No. 6/23 was published, establishing updates of natural gas PIST prices for contracts executed under
the GasAr Plan and the Reinsurance Plan based on the different types of users.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.2.4.3
Acquisition of Natural Gas for Generation</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
December 30, 2019, CAMMESA&#8217;s centralization scheme for the supply of fuels for generation was restored (except for generators with
Energy Plus and SE Res. No. 287/17 contracts). Since then, CAMMESA has launched successive calls for tenders to cover its monthly consumption.
Moreover, from 2021, most gas supplies to CAMMESA are channeled through GasAr Plan, for the volumes committed under this program over
an initial term of 4&nbsp;years.</FONT></P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
addition to GasAr Plan, in 2021 CAMMESA continued calling for tenders on a monthly basis, at a maximum price of US$ 2.3/MBTU until April
and US$ 3.5 until August, on an interruptible basis for GasAr Plan awardees and under a 30% DOP clause for the rest. However, from September
2021 these calls were declared unawarded. On the other hand, since mid-July 2021 CAMMESA launched biweekly calls for tenders by GasAr
Plan awardees that may offer surplus volumes, with a maximum price equivalent to that awarded in the plan&#8217;s Round 1. In 2022, an
average of 451 million m3/day were awarded at a price of US$ 3.5/MBTU (of which 276 million m3/day correspond to the Neuquina Basin).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.2.4.4
Natural Gas Exports</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
April 27, 2021, SE Resolution No. 360/21 regulated the new procedure for the authorization of natural gas exports. This resolution contemplates
exports on a firm and preferential basis for GasAr Plan&#8217;s awardees, and sets a minimum sale price equivalent to the summer price
awarded in Round 1. In this manner, the Company, as an awardee under GasAr Plan, may make firm exports during the summer period, extendable
to the winter period when there is an oversupply in a specific basin and with the prior approval of the applicable authority.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
May and December 2021, Pampa was granted permits to export gas to Chile on a firm basis for a maximum volume of 1.5&nbsp;million m3/day
and 1.22 million m3/day for the October 2021 &#8211; April 2022 and January &#8211; April 2022 periods, respectively. Besides, between
September and December 2021, new interruptible permits to Chile, Brazil, and Uruguay were added, with expirations between November 2022
and December 2024.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
GasAr Plan, in August 2022 the Company was cleared to export gas to Chile on a firm basis for a maximum volume of 1,492 MMm3/d for the
October 2022 &#8211; April 2023 period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
November 17, 2022, SE Resolution No. 774/22, which supersedes SE Resolution No. 360/21, was published in the BO. This resolution establishes
a new proceeding delimiting four export areas: the Neuquina Basin and the Austral Basin with summer quotas (October 2023-April 2024 period)
of 9 MMm3/day and 2 MMm3/day, respectively, and the Noroeste Basin and other areas with no quota definition.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
distribution of firm summer quotas among producers is made considering (i) the share of the producer&#8217;s volume in the basin&#8217;s
total volume, and (ii) the highest discount in the weighted-average price discount per volume against the basin&#8217;s incremental volume.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
minimum reference price is set at the higher of the Brent quotation percentage determined by the SE and the average price awarded, adjusted
by the seasonal index, with the authorization to withdraw volumes from the contracts executed under GasAr Plan and/or the Reinsurance
Plan with CAMMESA and/or ENARSA.</FONT></P>


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
for the Neuquina Basin, firm exports for 3 million m3/day will be authorized for the May-June 2023 period, to be apportioned among producers
awarded under Round 4.2 - Flat Gas for the July 1, 2023-December 31, 2028 period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
is worth highlighting that a natural gas export duty has been in effect since May 2020. PEN Executive Order No. 488/20, issued on May
19, 2020, established an export duty exemption as long as the international Brent price was equal to or below US$45/bbl. The rate would
rise gradually in line with the international reference price until reaching 8%, the cap to be recognized when Brent equals or exceeds
US$60/bbl. Since February 2021, the rate has remained at 8%.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.2.4.5
&#8220;TransportAr National Production&#8221; Pipelines System Program</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
February 9, 2022, SE Resolution No. 67/22 was published in the BO declaring the construction of &#8220;President N&eacute;stor Kirchner
Pipeline&#8221; of national public interest. This pipeline will transport natural gas through the Province of Neuqu&eacute;n, the Province
of Buenos Aires, and the Province of Santa Fe.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Moreover,
it created the TransportAr Production Gas Pipelines System Program to execute the works necessary to expand the system&#8217;s transportation
capacity including a list of pipeline works to be executed by IEASA or through third parties to promote development, production growth,
and natural gas self-supply, among other objectives.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 10, 2022, Argentine authorities signed contracts for the Stage 1 N&eacute;stor Kirchner Gas Pipeline construction, that will connect
the cities of Tratay&eacute;n (Neuqu&eacute;n) with Salliquel&oacute; (Buenos Aires) and will cross the provinces of R&iacute;o Negro
and La Pampa. As of the issuance of these Consolidated Financial Statements, the aforementioned construction is underway, and commissioning
is expected for June 2023.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Later,
PEN Executive Order No. 76/22, published on February 14, 2022, granted IEASA a 35-year transportation concession of President N&eacute;stor
Kirchner pipeline under Law No. 17,319 and the power to contract, plan, execute and call for tenders for the construction of the infrastructure
works under the Program. IEASA may enter into transportation capacity freely-negotiated agreements with producers and/or carriers to
construct or expand all or part of the pipeline. This transportation capacity will not be covered by tariffs approved by ENARGAS, which
will apply to the remaining transportation capacity not committed under these agreements. This executive order grants YPF priority to
hire the capacity that can be freely negotiated by IEASA. Moreover, IEASA may fully or partially assign ownership of its concession to
YPF.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Besides,
the &#8220;Argentine Gas Development Fund&#8221; administrative and financial trust was created, with IEASA as trustor and beneficiary,
to finance works under the program, including the repayment of principal and interest services of the trust securities to be issued thereunder.
The trust estate administrator and trustee will be Banco de Inversi&oacute;n y Comercio Exterior S.A.</FONT></P>


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2.5
<U>Oil market</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.2.5.1
Crude oil price </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of this date, there is no reference price for the sale of crude oil in the domestic market. However, considering pump prices for fuels,
local refining companies are validating prices below the export parity.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Just
as with natural gas exports, a crude oil export duty has been in effect since May 2020. PEN Executive Order No. 488/20, issued on May
19, 2020, provided for an export duty exemption as long as the international Brent price was equal to or below US$ 45/bbl, rising gradually
as the international reference price increased until reaching 8%, the cap to be recognised when the reference price equals or exceeds
US$ 60/bbl. Since February 2021, the rate has remained at 8%.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.2.5.2
Oil transportation</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
fiscal year 2022, Oldelval, as holder of the national liquid hydrocarbons transportation concession, launched a call for tenders to award
and hire the firm transportation service for the Allen - Puerto Rosales oil pipeline tranche for a capacity of up to 50,000 m3/day.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
volume has been fully awarded, and the necessary execution contracts have been entered into, effective until the termination of the transportation
concession term in 2037. Pampa was awarded 1,002 m3/day.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
Oldelval&#8217;s call for tenders, the company Oiltanking Ebytem launched a call to increase the oil dispatch capacity for up to 50,000
m3/day and the storage capacity for up to 300,000 m3. These expansions will be allocated exclusively to oil exports. Pampa was awarded
a 1,002 m3/day dispatch capacity and oil storage capacity for 6,008 m3.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.3</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Gas
                                            Transportation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.3.1
<U>TGS&#8217;s Tariff situation </U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
March 30, 2017, TGS executed the 2017 Integral Agreement which was ratified on March 27, 2018, through PEN Executive Order No. 250/18.
This executive order represents the conclusion of the RTI process and terminates all transitional agreements celebrated by TGS.</FONT></P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
2017 Integral Agreement set the guidelines for the provision of the natural gas transportation service until the end of the license,
among these guidelines approved: (i) a tariff increase was granted in installments for TGS as from April 1, 2017; (ii) a Five-Year Investment
Plan to be executed by TGS between April 2017 and March, 2022; and (iii) a non-automatic six-month adjustment mechanism for the natural
gas transportation tariff and the investment commitments considering IPIM published by INDEC subject to ENARGAS&#8217; approval.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the public hearing held on September 4, 2018, in which TGS requested, based on the variation of the IPIM recorded for the period February
- August 2018, a tariff increase of approximately 30%. Considering the hearing, on September 27, 2018, ENARGAS issued Resolution No.
265/18 which determined a 19.7% tariff increase effective as of October 1, 2018.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
increase was determined by ENARGAS based on the simple average of the IPIM, the construction cost index for the period February and August
2018 and the Salary Variation Index between December 2017 and June 2018. ENARGAS supported the determination of the aforementioned tariff
increase in the provisions of Resolution No. 4,362/17, which, among other issues, provided that under certain circumstances and macroeconomic
conditions, such as the significant devaluation occurred after April 2018, ENARGAS may use other indexes than the IPIM to determine the
tariff increase. TGS notified ENARGAS of its disagreement with respect to the methodology for calculating the semi-annual adjustment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
March 29, 2019, ENARGAS issued Resolution No. 192/19 approved, effective as from April 1, 2019, a 26% increase in tariff schemes applicable
to the natural gas transportation utility by TGS current as of March 31, 2019. In accordance with current regulations, ENARGAS considered
the evolution of the IPIM update index between the months of August 2018 and February 2019 to define six-monthly adjustments to TGS&#8217;
tariffs.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
regards the semi-annual tariff update which should have become effective as from October 1, 2019, on September 3, 2019, the SE issued
Resolution No. 521/19, later amended by Resolution No. 751/19, postponed its application until February 1, 2020. This deferral resulted
in the revision and adjustment of the Five-Year Investment Plan execution, in the same proportion as the foregone income for TGS.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 16, 2020, PEN Executive Order No. 1,020/20 was passed within the framework of the Solidarity Law. This executive order launched
the renegotiation of the RTI concluded in 2018 within a term of 2 years. During this term, renegotiation agreements in force are suspended.
On December 7, 2022, PEN Executive Order No. 815/22 was published in the BO, extending the renegotiation term for 12 months until December
16, 2023.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
the Solidarity Law, PEN Executive Order No. 1,020/20 and PEN Executive Order No. 1815/22 provide for the administrative intervention
of the ENARGAS.</FONT></P>


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
TGS denied and dismissed the arguments raised in the public hearing, which considered that the current natural gas transportation tariff
is not fair or reasonable given the alleged existence of serious flaws in the administrative acts resulting from the proceedings for
the last RTI established for&nbsp;TGS.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
April 28, 2021, ENARGAS submitted to TGS the 2021 Transitional Agreement (&#8220;RTT 2021&#8221;), which: (i) does not grant a transitory
tariff update, keeping unchanged the tariff schemes approved by ENARGAS in April 2019; (ii) provides that, as from May 2021 and until
the Final Renegotiation Agreement enters into effect, ENARGAS will recalculate the transportation tariffs effective at the time, with
validity as from April 1, 2022.; (iii) does not establish a mandatory investment plan; and (iv) establishes the prohibition to distribute
dividends, early cancel financial and commercial debts taken on with shareholders, acquire other companies, or grant loans.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
April 30, 2021 and through a note sent to this body, TGS expressed that, given the context in which it develops its activities and the
proposed terms and conditions, it is not feasible for TGS to enter into the RTT 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 2, 2021, ENARGAS issued Resolution No. 149/21 approving an RTT 2021 for TGS effective as from that date. Moreover, the National
Ministry of Economy and ENARGAS issued Joint Resolution No. 1/21 approving the proceedings under the renegotiation process developed
by ENARGAS pursuant to PEN Executive Order No. 1,020/20, stating that it was not feasible to reach an agreement on a transitional tariff
update.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Given
this situation, in July 2021, TGS filed motions for reconsideration, subsidiarity filing a hierarchical appeal, before the PEN, the National
Ministry of Economy and ENARGAS according to the respective jurisdictions of each of these bodies in the passing of the regulations associated
with Resolution No. 149/21, requesting the declaration of nullity of the RTT 2021 and the reinstatement of the RTI.</FONT></P>


<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
challenges are based on: (i) the illegality of Executive Order No. 1,020/20, as it does not observe the delegation lines provided for
by Act No. 27,541 and, as it does not meet the requirements established by the Constitution for the dictation of this regulation; (ii)
the extension of the emergency period beyond that established by the Congress; (iii) the tariff renegotiation under Act No. 24,076 is
not performed; (iv) the disregard for the principle of fair and reasonable tariffs, and the rights acquired by TGS under the license,
the Contractual Adjustment Memorandum of Understanding and the RTI; and (v) the suspension of the RTI for reasons of public interest,
which merits the recognition of the compensations provided for by both the Administrative Procedures Act and the License Basic Rules.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
turn, the restrictions on the management and administration of TGS have been challenged for lacking legal justification, as the emergency
declared by Act No. 27,541 only empowered the PEN to renegotiate the RTI, but not the License. The challenges and the request for reinstatement
of the RTI have been filed notwithstanding TGS&#8217;s right to the payment of the compensations it is entitled to on account of the
breach of the RTI as from April 2019.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
November 15, 2021, TGS filed a Prior Administrative Claim before ENARGAS and the Ministry of Economy. This presentation seeks to request
compensation due to TGS for the non-application of the semi-annual adjustment methodology set by the RTI and approved by Resolution 4,362
between October 1, 2019 and June 1, 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Moreover,
TGS seeks compensation for the damages sustained by the freeze resulting from the failure to apply the semi-annual adjustment methodology
set by the RTI for this period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
January 19, 2022, a new public hearing was held within the framework of ENARGAS Resolution No. 518/21 to address the transition tariff
update under PEN Executive Order No. 1020/20. In this hearing, aiming to reach a final agreement and restore the economic and financial
equation, TGS requested a transition tariff adjustment in two stages for 2022 for a total of 106%, given the evolution of operating costs
and the main macroeconomic indicators.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Later,
on February 1, 2022, TGS received from ENARGAS the proposed Renegotiation Transition Agreement (the &#8220;RTT 2022&#8221;), which was
approved by TGS&#8217;s Board of Directors on February 2, 2022, and by the applicable governmental bodies on February 18, 2022. The RTT
2022 included certain terms similar to the RTT 2021, with the specific provision that it granted TGS a 60% tariff increase effective
from March 1, 2022.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
RTT 2022 was ratified through PEN Executive Order No. 91/22, effective from February 23, 2022. On February 25, 2022, ENARGAS Resolution
No. 60/22 was published in the BO, launching the tariff schemes contemplated in the RTT 2022.</FONT></P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
is worth highlighting that, as provided in the RTT 2022, TGS undertook not to initiate new claims, remedies, lawsuits, or any kind of
actions; and/or to suspend, keep suspended or extend the suspension of all claims and remedies associated in any way with the current
RTI renegotiation, Law No. 27,541, Decrees No. 278/20 and No. 1,020/20.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 7, 2022, ENARGAS issued Resolution No. 523/22 calling for a public hearing, to be held on January 4, 2023, to consider the transitional
tariff update for the natural gas transportation utility.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the issuance of these Consolidated Financial Statements, TGS is working jointly with ENARGAS to conduct the RTI process that will
allow the company to receive a fair and reasonable tariff in line with the provided natural gas transportation utility service.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.3.2
<U>Regulatory framework of the segment of Production and Commercialization of Liquids</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.3.2.1
Domestic market</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
production and commercialization of liquids segment is not subject to regulation by ENARGAS. However, over recent years, the Argentine
Government enacted regulations which significantly impacted it.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">GLP
domestic sales prices are impacted by the provisions of Law No. 26,020 &quot;Regime of the industry and commercialization of liquefied
petroleum gas&quot; and the Argentine Government through the public office in charge, that set forth LPG minimum volumes to be sold in
the local market in order to guarantee domestic supply.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
this context, TGS sells the production of propane and butane to fractionators at prices determined semiannually. On March 30, 2015, the
PEN issued Decree No. 470/15, regulated by SE Resolution No. 49/15, which created the &#8220;Household Plan&#8221; and sets a maximum
reference price for the members of the commercialization chain in order to guarantee the supply to low-income residential user, by committing
the GLP producers to supply at a fixed price with a quota assigned to each producer. Additionally, payment of compensation to the Household
Plan participating producers was established.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">TGS
has filed various administrative and judicial claims challenging the general regulations of the program, as well as the administrative
acts that determine the volumes of butane that must be sold in the domestic market, in order to safeguard its economic-financial situation
and thus, preventing that this situation does not extend over time.</FONT></P>


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
addition, TGS is a party of the Propane Gas Supply Agreement for Induced Propane Gas Distribution Networks (&quot;Propane for Networks
Agreement&quot;) entered into with the Argentine Government and propane producers by which it undertakes to supply propane to induced
propane gas distributors and sub- distributors through at a price lower than the market price. In compensation, TGS receives an economic
compensation calculated as the difference between the sale price and the export parity determined by the SE.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
it has been previously mentioned, participation in the Household Plan results in economic and financial damage to TGS, since under certain
circumstances products would be sold at prices below their production costs.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the Argentine Government owes TGS $ 3,768 million under these items.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.3.2.2
Foreign market</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Executive
Order No. 488/20 regulated the rate applicable to the export duties for certain gas and oil derivatives, including the products produced
and exported by TGS, which ranges between 0% and 8% depending on the price of the &#8220;ICE Brent first line&#8221; barrel. If this
price is below US$ 45, the rate is 0%. Instead, if the price equals or exceeds US$ 60, an 8% rate is paid, and the rate is variable if
the price is between US$ 45 and US$ 60.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.4</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Transmisi&oacute;n</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.4.1
<U>Transener and Transba tariff situation </U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
February 25, 2022, the ENRE communicated Resolutions No. 68/22 and 69/22 approving the new hourly remuneration values effective from
February 1, 2022, establishing a 25% and 23% increase compared to the values effective from 2019 for Transener and Transba, respectively.
Considering the difference between the presented financial and economic projections and the values finally approved by the ENRE, a motion
to review the records and the respective preliminary challenges was submitted. Moreover, on March 15, 2022, the applicable motions for
reconsideration against these resolutions were filed. Consequently, under Resolutions No. 147/22 and 148/22, on May 9, 2022 the ENRE
partially upheld the filed motions and modified the hourly remuneration values effective from February 1, 2022, establishing a 67% and
69% increase over the values effective from August 2019 for Transener and Transba, respectively.</FONT></P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Since
August 2022, Transener and Transba filed notes and held meetings with the SE and the ENRE requesting an update to the transitional tariffs
effective from September 2022, chargeable against the increase to be assessed for 2023. To this effect, the 2023 economic and financial
projection was presented with an explanatory document and a detail of the projected investment plan. Moreover, a presentation was made
to CAMMESA&#8217;s Board of Directors to put the criticality of the transportation sector on record.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
Resolution No. 539/2022, on October 20, 2022 the ENRE called for a public hearing on November 30, 2022 to inform of and gather feedback
on the electricity transmission utility concessionaires&#8217; proposals towards a transitional tariff update under the RTI Renegotiation
Process before defining the tariffs applicable by the concessionaires.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Furthermore,
on December 6, 2022, PEN Executive Order No. 815/22 extended for one-year term PEN Executive Order No. 1,020/20 published on December
17, 2020, through which initiated RTI renegotiation within up to 2 years from its publication.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Later,
on December 29, 2022, aiming to preserve in 2023 the purchasing power of the revenues established in Resolutions No. 147/22 and 148/22,
the ENRE issued Resolutions No. 698/22 and 702/22 setting the hourly remuneration values effective from January 1, 2023, and establishing
a 154.5% and 154.1% increase over the February 2022 values for Transener and Transba, respectively.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.5</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Regulations
                                            on access to the MLC</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
2020, BCRA introduced measures with the purpose of regulating inflows and outflows in the MLC to maintain the exchange rate stability
and protect international reserves in view of the high degree of uncertainty and volatility in the exchange rate, including restrictions
associated with transactions with stock market assets by companies and the disposal of liquid foreign assets.</FONT></P>


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
access the MLC in terms of expenditures without BCRA&#8217;s prior authorization, it is necessary to file an affidavit certifying that
all foreign-currency holdings in the country are deposited in accounts with local financial institutions and that it no available liquid
foreign assets are held for an amount equivalent to or higher than US$ 100,000. In case such liquid foreign assets exceed the amount
of US$ 100,000, an additional affidavit could be submitted according to the applicable provisions. To such effects, the term &#8220;liquid
foreign assets&#8221; will comprise, among others: holdings of foreign currency notes and coins, availability of gold in the form of
good delivery bars or coins, sight deposits in foreign financial entities, holding of Argentine certificates of deposit (&#8220;CEDEAR&#8221;)
and other investments allowing for the immediate availability of foreign currency (for example, investments in foreign public securities,
funds in investment accounts deposited with investment managers located abroad, crypto assets, funds deposited in payment service providers&#8217;
accounts, etc.). On the other hand, the following will not be considered available liquid foreign assets: funds deposited abroad that
may not be used by the customer as they are reserve or guarantee funds created under foreign debt contracts, or funds kept as collateral
for foreign transactions with derivatives entered into abroad.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Furthermore,
in case access to the MLC has been requested, it is mandatory to enter and settle in the MLC, within a term of five business days after
they become available, foreign funds originating from the collection of loans granted to third parties, the collection of time deposits
or the sale of any kind of asset, in case the asset has been acquired, the deposit has been made or the loan has been granted after May
28, 2020.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
regards transactions with stock market assets is established: (i) the presentation of an affidavit declaring that, on the date of access
to the MLC and in the previous 90 calendar days, no domestic sales of securities to be settled in foreign currency, exchanges of securities
issued by foreign active residents, transfers of securities to foreign depositary entities, local acquisitions of securities issued by
non-residents and settled in pesos, acquisitions of CEDEAR representing foreign shares (from July 22, 2022), acquisitions of private
debt securities issued in a foreign jurisdiction, or deliveries of funds in domestic currency or other domestic assets (except for foreign-currency
funds deposited with local financial entities) to any natural or legal, resident or non-resident person, and whether or not affiliated,
receiving as prior or subsequent consideration, whether directly or indirectly, on its own or through any affiliate, controlled or controlling
entity, foreign assets, crypto-assets or securities deposited abroad and, lastly, the commitment not to perform any of the detailed transactions
for 90 calendar days following the request for access to the MLC should be evidenced; and (ii) that security transactions concerted abroad
and securities acquired abroad may not be settled in pesos in the country. Moreover, if the customer is a legal entity, as an additional
requirement to access the MLC, it also provided for an additional affidavit stating: (a) details of the individuals or legal entities
exercising a direct control relationship over the customer, according to BCRA&#8217;s regulations; and (b) that on the day access to
the MLC is requested and in the previous 90 calendar days, no local-currency funds or other liquid domestic assets have been delivered
in Argentina to any individual or legal entity exercising a direct control relationship over it, except for those directly associated
with regular transactions for the acquisition of goods and/or services. The requirement stated in item (b) will be deemed duly met if
the customer submits an affidavit regarding transactions with securities of each individual or legal entity pursuant to the current exchange
regulations.</FONT></P>


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">BCRA&#8217;s
prior authorization to access the MLC to cancel the principal of foreign financial debts with foreign affiliates is required up to and
including December 31, 2023. Furthermore, the BCRA extended the obligation to submit a refinancing plan for certain debts and principal
maturities scheduled until December 31, 2023, based on the following criteria: (i) access to the MLC for up to 40% of the principal amount,
within the original term; and (ii) the refinancing of the principal balance, through new foreign indebtedness with an average life of
2 years. Within the framework of this refinancing process, access to the MLC is allowed for the early cancellation of principal, interest
or debt swaps up to 45 calendar days before the maturity date, provided all requirements set forth by the regulation have been verified.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
October 2022, the Integral Import Monitoring System (&#8220;SIMI&#8221;) and the Integral Foreign Payments Monitoring System (&#8220;SIMPES&#8221;)
were replaced by the Argentine Republic&#8217;s Imports System (&#8220;SIRA&#8221;) and the Argentine Republic&#8217;s Imports and Foreign
Service Payments System (&#8220;SIRASE&#8221;), respectively. Moreover, BCRA established that no more advance, sight, or deferred without
clearance payments may be made through these new mechanisms, except for certain cases contemplated in the regulation.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Regarding
imports, BCRA&#8217;s prior authorization to access the MLC is required to make payments to import certain goods abroad or cancel the
principal of debts originating from the import of goods by companies. Additionally, before executing payments for the import of goods,
entities should verify that the affidavit requested from the customer is compatible with BCRA&#8217;s existing data. Additionally, the
BCRA created a registry of foreign exchange information of goods exporters and importers as a requirement to access the MLC to perform
forex outflow transactions, including swaps and arbitrations. The Company has been declared an obliged subject by the BCRA; it has completed
its enrollment in this registry and is under a duty to report any change in the recorded information within 15 business days of its occurrence.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
in October 2022, the BCRA introduced adjustment to foreign exchange regulations, establishing, among other provisions, access to the
MLC for subjects obtaining certifications under currency access systems for the incremental production of oil and/or natural gas pursuant
to PEN Executive Order No. 277/22 (see Note 2.2.3), for up to the amount of each certification, to be allocated to the payment of: (i)
principal and interest of commercial or financial liabilities abroad, including liabilities with non-resident affiliates, (ii) earnings
and dividends for closed and audited balance sheets; and/or (iii) the repatriation of direct investments by non-residents. RADPIP and/or
RADPIGN beneficiaries should appoint a single domestic financial entity responsible for issuing such certifications and recording the
amounts recognized by the SE and the applicable period.</FONT></P>

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


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.6</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Tax
                                            regulations - Main tax reforms</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to Law No. 27,430, Law No. 27,541, Law No. 27,630, and Law No. 27,701 several modifications were introduced in the tax treatment,
the key components of which are described below:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.6.1
<U>Income tax</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.6.1.1
Income tax rate</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to Law No. 27,430, the income tax rate for Argentine companies would be gradually reduced from 35% to 30% for fiscal years beginning
from January 1, 2018 to December 31, 2019, and to 25% for fiscal years beginning on or after January 1, 2020. However, Law No. 27,541
suspended the tax rate reduction planned for fiscal year 2020, keeping the rate at 30%.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 16, 2021, Law No. 27,630 was published in the BO, which modified the income tax rate effective for fiscal years starting as
from January 1, 2021 inclusive. This modification provides for the application of a tiered rate scheme and, if applicable, a fixed
tax according to the accumulated net taxable income tier: (i) for accumulated net income of up to $ 5&nbsp;million, it establishes a
25% rate; (ii) for accumulated net income between $ 5 and $ 50 million, it establishes a fixed tax of $1.25&nbsp;million plus a 30%
rate over the surplus of $ 5&nbsp;million; and (iii) for accumulated net income above $ 50 million, it establishes a fixed tax of $
14.75&nbsp;million plus a 35% rate over the surplus of $50&nbsp;million. The accumulated net income amount will be adjusted yearly,
as from January 1, 2022, taking into consideration the annual CPI variation published by the INDEC.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
effect of the changes on deferred tax corresponding to comparative periods pursuant to the above-mentioned tax reform was recognised,
considering the effective rate expected to be applicable at deferred assets and liabilities realization year, in &#8220;Effect of tax
rate change in the deferred tax&#8221; under &#8220;Income tax&#8221; of the Consolidated Statement of Comprehensive Income (Note 10.5).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 16, 2022, AFIP&#8217;s General Resolution No. 5,248/22 was published in the BO, whereby the AFIP established a one-time
income tax prepayment by taxpayers and responsible persons listed in Section 73 of Law No. 20,628, as amended, meeting the following
parameters: (i) an assessed tax for the 2021 or 2022 tax period of at least $ 100 million, or (ii) taxable income, without deducting
accumulated tax losses, of at least $ 300 million. As of issuance of these Consolidated Financial Statements, the Company and its
subsidiaries paid an income tax prepayment for $ 1,863 million.</FONT></P>


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.6.1.2
Tax on dividends</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Law
No. 27,430 and modifications introduced by Law No. 27,541 and Law No. 27,630, established a 7% tax on dividends derived from earnings
accrued during fiscal years beginning as from January 1, 2018, which be distributed by Argentine companies to individuals, undivided
estates or beneficiaries residing abroad.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividends
resulting from benefits gained until the fiscal year prior to that beginning on January 1, 2018 will remain subject to the 35% withholding
on the amount exceeding the untaxed distributable retained earnings (equalization tax&#8217; transition period) for all beneficiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.6.1.3
</I>Tax inflation adjustment</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Law
No. 27,430 sets out the following rules for the application of the income tax inflation adjustment mechanism:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            cost adjustment for goods acquired or investments made during fiscal years beginning after
                                            January 1, 2018 taking into consideration the percentage variations in the CPI published
                                            by the INDEC; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            application of the adjustment provided for by Title VI of the Income Tax Law when variations
                                            in the above-mentioned index exceed 100% over the 36 months preceding the closing of the
                                            fiscal period to be settled; alternatively, for the first, second and third fiscal year as
                                            from its effective date, this proceeding will apply in case the accumulated variation in
                                            such price index, calculated from the beginning of the first fiscal year to the closing of
                                            each fiscal year, are higher than 55%, 30% and 15% for the years 2018, 2019 and 2020, respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Law
No. 27,541 provided that, as regards the positive or negative fiscal inflation adjustment determined as a result of the application of
the adjustment provided for by Title VI of the Income Tax Law corresponding to the first and second fiscal year starting as from January
1, 2019, one-sixth should be charged in that fiscal period and the remaining five sixths, in equal parts, in the five immediately following
fiscal periods.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 1, 2022, Law No. 27,701 was published in the BO, which established that taxpayers determining a positive inflation adjustment
in the first and second fiscal year starting from January 1, 2022 (inclusive) may allocate one-third in that fiscal period and the remaining
two-thirds, in equal parts, in the two immediately following fiscal periods. This computation only applies to subjects making investments
in the purchase, construction, manufacture, production or final import of property, plant and equipment, except automobiles, during each
of the two fiscal periods immediately following that in which the computation of the first third of the period in question exceeds or
equals $ 30,000 million. Failure to comply with this requirement will result in the loss of this benefit.</FONT></P>


<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of issuance of these Consolidated Financial Statements, this provision has not yet been regulated.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company and its subsidiaries determine and disclose the impact of the tax inflation adjustment for each of the fiscal periods in which
it is applicable (see Note 10.5).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.6.2
<U>Value-added tax</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
procedure is established for the reimbursement of tax credits originated in investments in property, plant and equipment which, after
6 months as from their assessment, have not been absorbed by tax debits generated by the activity.</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">These
Consolidated Financial Statements have been prepared in accordance with IFRS issued by IASB, are expressed in million dollars and were
approved for their issuance by the Board of Directors on March 9, 2023. Significant accounting policies adopted in the preparation of
these Consolidated Financial Statements are described in Note 4, which have been consistently applied.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
consolidated financial information has been prepared under the historical cost convention, modified by the measurement of financial assets
at fair value through profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">These
accounting policies have been applied consistently by all Group companies. Additionally, certain non-significant reclassifications have
been made to financial statements presented with comparative purposes to keep the consistency in the presentation with the amounts of
the current year.</FONT></P>


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
4</U>: ACCOUNTING POLICIES</FONT></P>

<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
main accounting policies used in the preparation of these Consolidated Financial Statements are explained below.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.1</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>New
                                            accounting standards, amendments and interpretations issued by the IASB effective as of December
                                            31, 2022 and adopted by the Company</B></FONT></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
application of the detailed standards and amendments did not have any impact on the results of the operations or the financial position
of the Company.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.2</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>New
                                            standards, amendments and interpretations issued by the IASB not yet effective and which
                                            have not been early adopted by the Company</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>-</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS
                                            17 - &#8220;Insurance Contracts&#8221;: issued in May 2017 and modified in June 2020 and
                                            December 2021. It supersedes IFRS 4, introduced in 2004 as an interim standard, which gave
                                            companies dispensation to carry on accounting for insurance contracts using national accounting
                                            standards, thus resulting in several application approaches. IFRS 17 sets the principles
                                            for the recognition, measurement, presentation and disclosure of information associated with
                                            insurance contracts and is applicable as from January 1, 2023, allowing for its early adoption
                                            for entities already applying IFRS 9 and IFRS 15. Its application will not have a significant
                                            impact on the Company&#8217;s operating results or financial position.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">IAS
                                            1 - &#8220;Presentation of financial statements&#8221;: amended in February 2021. It incorporates
                                            amendments to the information to be disclosed on accounting policies. Amendments are applicable
                                            to fiscal years starting on or after January 1, 2023, allowing for early adoption. Its application
                                            will not have a significant impact on the Company&#8217;s operating results or financial
                                            position.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">IAS
                                            8 - &#8220;Accounting Policies&#8221;: amended in February 2021. Clarifies the treatment
                                            of estimates required in the application of accounting policies. Amendments are applicable
                                            to fiscal years beginning on or after January 1, 2023, allowing for early adoption. Their
                                            application will not have an impact on the Company&#8217;s operating results or financial
                                            position.</FONT></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">IAS
                                            12 - &#8220;Income Tax&#8221;: amended in May 2021. It incorporates modifications regarding
                                            the recognition of deferred tax related to assets and liabilities that arise from a single
                                            transaction, giving riso to equal taxable and deductible temporary differences. Amendments
                                            are applicable to fiscal years beginning on or after January 1, 2023, allowing for early
                                            adoption. Their application will not have an impact on the Company&#8217;s operating results
                                            or financial position.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS
                                            16 - &#8220;Leases&#8221;: amended in September 2022. It incorporates amendments on sale
                                            and leaseback transactions. Amendments are applicable to fiscal years starting on or after
                                            January 1, 2024, allowing for early adoption. Its application will not have a significant
                                            impact on the Company&#8217;s operating results or financial position.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">IAS
                                            1 - &#8220;Presentation of financial statements&#8221;: amended in January 2020, July 2020
                                            and October 2022. It incorporates amendments to the classification of liabilities as current
                                            or non-current and provides clarification on the treatment to be given to liabilities with
                                            covenants. Amendments are applicable to fiscal years starting on or after January 1, 2024,
                                            allowing for early adoption. Their application will not have a significant impact on the
                                            Company&#8217;s operating results or financial position.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.3</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Effects
                                            of changes in foreign exchange rates</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.3.1
<U>Functional and presentation currency</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
information included in these Consolidated Financial Statements is recorded in U.S. dollars, which is the Company&#8217;s functional
currency, that is, the currency of the primary economic environment where the entity operates.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.3.2
<U>Foreign-currency transactions and balances</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Foreign
currency transactions are translated into the functional currency at the exchange rates prevailing on each transaction date or valuation
date, when items are remeasured. Foreign exchange gains and losses arising on the settlement of monetary items and on translating monetary
items at the closing of the fiscal year using year-end exchange rate are recognised within the financial results in the statement of
comprehensive income, with the exception of capitalized amounts.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.3.3
<U>Group entities&#8217; translation into functional currency</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
results and financial position of subsidiaries, joint ventures and associates whose functional currency is the Argentine Peso, a currency
of a hyperinflationary economy, are translated into the Company&#8217;s functional currency using the year-end exchange rate. The results
generated by the application of IAS 29 adjustment mechanism for hyperinflationary economies, on the opening equity measured in functional
currency are recognised under &#8220;Other comprehensive income&#8221;.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.3.4
<U>Presentation of Other comprehensive income within the Company&#8217;s equity</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company classifies and directly accumulates within equity, in the retained earnings line, the results generated by the application of
the IAS 29 adjustment mechanism on the opening retained earnings, while the remaining results are presented in a separate component of
equity and accumulated until the disposal of the foreign operation in &#8220;Other comprehensive income&#8221;, in accordance with IAS
21.</FONT></P>


<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.4</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Principles
                                            of consolidation and equity accounting</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4.1
<U>Subsidiaries</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subsidiaries
are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of
the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. The Group ceases consolidation
of entities from the date that control ceases.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
acquisition method of accounting is used to account for business combinations by the Group (see Note 4.4.5 below).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Intercompany
transactions, balances and unrealized gains on transactions between Group entities are eliminated. Unrealized losses are also eliminated
unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed
when necessary to ensure consistency with the policies adopted by the Group.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-controlling
interests in the results and equity of subsidiaries are shown separately in the Consolidated Statement of Comprehensive Income, Consolidated
Statement of Changes in Equity and Consolidated Statement of Financial Position respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4.2
<U>Associates </U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Associates
are all entities over which the group has significant influence but not control or joint control. This is generally the case where the
Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting
(see Note 4.4.4 below), after initially being recognised at cost.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4.3
<U>Joint arrangements</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investments
in joint arrangements are classified as either joint operations or joint ventures, according to IFRS 11. The classification depends on
the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Company has both
joint operations and joint ventures.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>4.4.3.1
Joint operations</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes its direct right to the assets, liabilities, incomes and expenses of joint operations and its share of any jointly
held or incurred assets, liabilities, incomes and expenses. These have been incorporated in the Consolidated Financial Statements under
the appropriate headings.</FONT></P>


<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>4.4.3.2
Joint ventures</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Interests
in joint ventures are accounted for using the equity method, after initially being recognised at cost (see Note 4.4.4 below).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4.4
<U>Equity Method</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the equity method of accounting, the investments are initially recognised at cost and adjusted to recognize the Group&#8217;s share of
the post-acquisition profits or losses of the investee in profit or loss, and the Group&#8217;s share of movements in other comprehensive
income of the investee in other comprehensive income.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
acquisition of the investment, any difference between the cost of the investment and the entity&#8217;s share of the net fair value of
the investee&#8217;s identifiable assets and liabilities is accounted for as follows: (i) goodwill relating to an associate or a joint
venture is included in the carrying amount of the investment and is not amortised, and (ii) any excess of the net fair value over the
cost is included as income in the determination of the entity&#8217;s share of the associate or joint venture&#8217;s profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividends
received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">When
the Group&#8217;s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, together with any long-term
interests that, in substance, form part of the net investment, the Group does not recognize further losses, unless it has incurred obligations
or made payments on behalf of the other entity.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unrealized
gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the group&#8217;s interest
in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Accounting policies of equity accounted investees have been changed where necessary to ensure consistency with the policies adopted by
the Group.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
carrying amount of equity accounted investments is tested for impairment in accordance with the policy described below in Note 4.9.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4.5
<U>Business combinations</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other
assets are acquired. The consideration transferred for the acquisitions comprises:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            fair value of the transferred assets,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            liabilities incurred to the former owners of the acquired business,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            equity interests issued by the group,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            fair value of any asset or liability resulting from a contingent consideration arrangement,
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            fair value of any pre-existing equity interest in the subsidiary.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Identifiable
assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values
in the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis
at the non-controlling interest&#8217;s proportionate share of the acquired entity&#8217;s net identifiable assets.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Acquisition-related
costs are expensed as incurred. The value of the goodwill represents the excess of: i) the consideration transferred, ii) the amount
of any non-controlling interest in the acquired entity, and iii) the acquisition-date fair value of any previous equity interest in the
acquired entity, over the fair value of the net identifiable assets acquired is recorded as goodwill. If the fair value of the net identifiable
assets of the business acquired exceeds those amounts, the gain on bargain purchase is recognised directly in profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Where
settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as
at the date of exchange. The discount rate used is the entity&#8217;s incremental borrowing rate, being the rate at which a similar borrowing
could be obtained from an independent financier under comparable terms and conditions.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contingent
consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured
to fair value with changes in fair value recognised in profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the business combination is achieved in stages, the acquisition date carrying value of the acquirer&#8217;s previously held equity interest
in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised
in profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Group has up to 12 months to finalize the accounting for a business combination. Where the accounting for a business combination is not
complete by the end of the year in which the business combination occurred, the Group reports provisional amounts.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4.6
<U>Changes in ownership interests</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of
the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling
interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling
interests and any consideration paid or received is recognised in &#8220;Other reserves&#8221; within equity attributable to owners of
the Company.</FONT></P>


<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">When
the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence,
any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or loss.
This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate,
joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity
are accounted for as if the Group had directly disposed of the related assets or liabilities, this means that amounts previously recognised
in other comprehensive income are reclassified to profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate
share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.5</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Segment
                                            reporting</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating
segments are reported in a manner consistent with the internal reporting provided to the Executive committee.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Executive Committee, is the highest decision-making authority, is the person responsible for allocating resources and setting the performance
of the entity&#8217;s operating segments and has been identified as the body executing the Company&#8217;s strategic decisions.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
segmentation the Company considers transactions with third parties and intercompany operations, which are done on internal transfer pricing
based on market prices for each product.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.6</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Property,
                                            plant and equipment</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Property,
Plant and Equipment is measured following the cost model. It is recognised at acquisition cost less depreciation a less any accumulated
impairment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subsequent
costs are included in the asset&#8217;s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that
future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying
amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged
to profit or loss during the reporting period in which they are incurred.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
cost of work in progress whose construction will extend over time includes, if applicable, the computation of financial costs accrued
on loans granted by third parties and other pre-production costs. Revenues and costs arising from the sale of elements obtained during
the start-up process are charged to the profit and loss of the period.</FONT></P>


<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Works
in progress are valued according to their degree of progress. Works in progress are recorded at cost less any loss due to impairment,
if applicable.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Assets&#8217;
residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each year. An asset&#8217;s carrying amount
is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gains
and losses on disposals are determined by comparing the sale price with the carrying amount, stated in terms of the measuring unit current
at the disposal date.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.6.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Depreciation
                                            methods and useful lives</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
group depreciates productive wells, machinery and camps in the oil and gas production areas according to the units of production method,
by applying the ratio of oil and gas produced to estimated proved developed oil and gas reserves. The acquisition cost of property with
proved reserves is depreciated by applying the ratio of oil and gas produced to estimated proved oil and gas reserves. Acquisition costs
related to properties with unproved reserves is valued at cost with recoverability periodically assessed on the basis of geological and
engineering estimates of possible and probable reserves that are expected to be proved over the life of each concession.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Machinery
and generation equipment (including any significant identifiable component) are depreciated under the unit of production method.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
group&acute;s remaining items of property, plant and equipment (including any significant identifiable component) are depreciated by
the straight-line method based on estimated useful lives, as detailed below:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify; width: 83%">Buildings:&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 17%">50 years</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Vehicles:&nbsp;</TD>
    <TD STYLE="vertical-align: middle">3 - 5 years</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Furniture, fittings and communication equipment:&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">5  years</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Computer equipment and software:&nbsp;</TD>
    <TD STYLE="vertical-align: middle">3 years</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Tools:&nbsp;</TD>
    <TD STYLE="vertical-align: middle">10 years</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Equipment and machinery:&nbsp;</TD>
    <TD STYLE="vertical-align: middle">10 - 30 years</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
appropriate, the depreciation method is reviewed and adjusted at the end of each year.</FONT></P>


<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.6.2
<U>Asset retirement obligations and wind turbines decommissioning</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Estimated
future costs of asset retirement obligations on well abandonment in oil and gas areas and wind turbines decommissioning in wind farms,
discounted at a risk adjusted rate, are capitalized in the cost of the assets and depreciated using the units of production method. Additionally,
a liability at the estimated value of the discounted amounts payable is recognised. Changes in the measurement of asset retirement obligations
that result from changes in the estimated timing, amount of the outflow of resources required to settle the obligation, or the discount
rate, are added to, or deducted from, the cost of the related asset. If a decrease in the liability exceeds the carrying amount of the
asset, the excess is recognised immediately in profit or loss.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.7</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Intangible
                                            assets</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.7.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Goodwill</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Goodwill
is the result of the acquisition of subsidiaries. Goodwill represents the excess of the acquisition cost over the fair value of the equity
interest in the acquired entity held by the company on the net identifiable assets acquired on the date of acquisition.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
impairment testing, goodwill acquired in a business combination is allocated from the acquisition date to each of the acquirer&#8217;s
CGU or group of CGU that are expected to benefit from the synergies of the combination. Each unit or group of units that goodwill is
allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.7.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Concession
                                            arrangements </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Concession
arrangements corresponding to hydroelectric generation plants Diamante and Nihuiles are not under the scope of the guidelines of IFRIC
12 &#8220;Service Concession Arrangements&#8221;.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">These
concession agreements meet the criteria set forth by the IFRSs for capitalization less depreciation a less any accumulated impairment.
They are amortized following the straight-line method based on useful life, which corresponds to the life of each concession agreement.</FONT></P>


<!-- Field: Page; Sequence: 62 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.7.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Identified
                                            intangible assets in acquired investments</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Corresponds
to intangible assets identified in the moment of the acquisition of companies. Identified assets meet the criteria established in IFRS
for capitalization less depreciation and less any accumulated impairment. They are amortized by the straight-line method according to
the useful life of each asset, considering the estimated way in which the benefits produced by the asset will be consumed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.7.4
<U>Digital Assets</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company accounts for digital assets (cryptocurrencies) as intangible assets with indefinite useful life under the cost model. They are
recognised at acquisition cost less any accumulated impairment.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.8</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Assets
                                            for oil and gas exploration</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company uses the successful efforts method of accounting for its oil and gas exploration and production activities. This method involves
the capitalization of: (i) the cost of acquiring properties in oil and gas exploration and production areas; (ii) the cost of drilling
and equipping exploratory wells that result in the discovery of commercially recoverable reserves; (iii) the cost of drilling and equipping
development wells, and (iv) the estimated asset retirement obligations (see Note 4.6.2).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">According
to the successful efforts method of accounting, exploration costs (including geological and geophysical costs), excluding exploratory
well costs, are expensed during the period in which they are incurred. Drilling costs of exploratory wells are capitalized until it is
determined that proved reserves exists and they justify the commercial development. If reserves are not found, such drilling costs are
expensed. Occasionally, an exploratory well may determine the existence of oil and gas reserves but they cannot be classified as proved
when drilling is complete. In those cases, such costs continue to be capitalized insofar as the well has allowed determining the existence
of sufficient reserves to warrant its completion as a production well and the Company is making sufficient progress in evaluating the
economic and operating feasibility of the project.</FONT></P>


<!-- Field: Page; Sequence: 63 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.9</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Impairment
                                            of non-financial long-lived assets</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Intangible
assets that have an indefinite useful life and goodwill are not subject to amortization and are tested annually for impairment, or more
frequently if events or changes in circumstances indicate that they might be impaired.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
remaining non-financial long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset&#8217;s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an asset&#8217;s fair value less costs of disposal and value in use. For
the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows which
are largely independent of the cash inflows from other assets or groups of assets (CGU).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-financial
long-lived assets, other than goodwill, that have been impaired are reviewed for possible reversal of the impairment at the end of each
reporting period.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.10</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial
                                            assets</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Classification</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Group classifies its financial assets in the following categories:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">those
                                            that are subsequently measured at fair value, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">those
                                            that are subsequently measured at amortised cost.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
classification depends on the entity&#8217;s business model for managing the financial assets and the contractual cash flow characteristics.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gains
and losses from financial assets measured at fair value, will be recorded in the Statement
of Comprehensive Income or in the Other Comprehensive
Income.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investments
in equity instruments are measured at fair value. For those investments that are not held for trading, the Company may make an irrevocable
election at initial recognition to present subsequent changes in other comprehensive income. The Company's election was to recognize
changes in fair value through profit and loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
company reclassifies financial assets when and only when it changes its business model for managing those financial assets.</FONT></P>


<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Recognition
                                            and derecognition</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
conventional purchases and sales of financial assets are accounted for at settlement date. Financial assets are derecognised when contractual
rights to the cash flows from the financial assets have expired or been transferred, and the Company has substantially transferred all
risks and rewards of ownership of the asset.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Measurement
                                            </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
gain or loss on a debt investment that is subsequently measured at fair value and is not part of a hedging relationship is recognised
in profit or loss and disclosed in &#8220;Changes in the fair value of financial instruments&#8221; within &#8220;Other financial Results.
A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognised
in profit or loss when the financial asset is derecognised or impaired and through the amortization process using the effective interest
rate method.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Group subsequently measures equity investments at fair value. Dividends from such investments continue to be recognised in profit or
loss as long as they represent a return on investment.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.4</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Impairment
                                            of financial assets</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company assesses the expected credit losses related to its financial instruments at amortized cost and financial instruments at fair
value through other comprehensive income, if applicable.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company applies the simplified approach allowed by IFRS 9 to measure expected credit losses for trade receivables and other receivables
with similar risk characteristics. For this purpose, receivables are grouped by business segment and based on shared credit risk characteristics
and expected credit losses are determined based on rates calculated for different ranges of default days from the due date.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
expected loss rates are based on the sales collection profiles over a period of 24 months before the end of each year, considering historical
credit losses experienced within this period that are adjusted, if applicable, to reflect forward-looking information that could affect
the ability of customers to settle the receivables.</FONT></P>


<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.5</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Offsetting
                                            of financial instruments</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial
assets and liabilities are offset, and the net amount reported in the consolidated statements of financial position, when there is a
legally enforceable right to offset the recognised amounts, and there is an intention to settle on a net basis, or realize the asset
and settle the liability simultaneously.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.11</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Trade
                                            and other receivables</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade
receivables and other receivables are recognised at fair value and subsequently measured at amortized cost, using the effective interest
method, less provision for impairment, if applicable.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes provisions for impairment on trade and other receivables based on expected credit loss model described in Note 4.10.4.
Trade receivables are written off when there is no reasonable expectation of recovery. The Company considers the following default indicators:
i) voluntary reorganization proceedings, bankruptcy or initiation of judicial demands; ii) insolvency implying a high impossibility of
collection and iii) past due balances greater than 90 days.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Where
applicable, provisions for impairment on tax credits have been recognised based on estimates on their uncollectibility within their statutory
limitation period, taking into consideration the Company&#8217;s current business plans.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.12</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Derivative
                                            financial instruments and hedging account</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Derivative
financial instruments are measured at fair value, determined as the amount of cash to be collected or paid to settle the instrument as
of the measurement date, net of any prepayment collected or paid. Fair value of derivative financial instruments traded in active markets
is disclosed based on their quoted market prices and fair value of instruments that are not traded in active markets is determined using
different valuation techniques. Subsequent accounting of changes in fair value depends on whether the derivative is designated as a hedging
instrument and, if so, the nature of the item being hedged.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company may designate derivative financial instruments in the following categories:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.45pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">fair
                                            value hedge of recognised assets or liabilities or over firm commitment (fair value hedge);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.45pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">cash
                                            flow hedges of a particular risk associated with recognised assets and liabilities and highly
                                            probable future transactions (cash flow hedges), or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.45pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">net
                                            investment hedge in foreign operation (net investment hedges).</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 66 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
the beginning of the hedge relationship, the Group documents the economic relationship between the hedging instruments and the hedged
items, even if it is expected that changes in the cash flows of the hedging instruments offset changes in the cash flows of the hedged
items. The Group documents its objective and risk management strategy to carry out its hedging operations.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Changes
in the measurement of derivative financial instruments designated as cash flow hedge, which have been determined as effective, are recognised
in equity. The gain or loss related to the ineffective portion is recognised immediately in profit or loss. Changes in the measurement
of derivative instruments that do not qualify for hedge accounting are recognised in profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company has not formally designated financial instruments as hedging instruments.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.13</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Inventories</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
line item includes crude oil stock, raw materials, work in progress and finished products relating to Petrochemicals and Oil and Gas
business segments as well as materials and spare parts relating to the Generation business segment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Inventories
are stated at the lower of cost or net realizable value. Cost is determined using the weighted average price method. The cost of inventories
includes expenditure incurred in purchases and production and other necessary costs to bring them to their existing location and condition.
In case of manufactured products and production in process, the cost includes a portion of indirect production costs, excluding any idle
capacity (slack).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the
estimated costs to make the sale.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
assessment of the recoverable value of these assets is made at each reporting date, and the resulting loss is recognised in the statement
of income when the inventories are overstated.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company has classified materials and spare parts into current and non-current, depending on the timing in which they are expected to
be used for replacement or improvement on existing assets. The portion of materials and spare parts for maintenance or improvements on
existing assets, is exposed under the heading &#8220;Property, plant and equipment&#8221;.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.14</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Non-current
                                            assets (or disposal group) held for sale and discontinued operations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-current
assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than
through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value
less costs to sell, except deferred tax assets, assets arising from employee benefits, financial assets and investment property that
are carried at fair value and contractual rights from insurance contracts, which are specifically exempt from this requirement.</FONT></P>


<!-- Field: Page; Sequence: 67 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">An
impairment loss is recognized for any initial or subsequent write-down of the asset until fair value less costs to sell. A gain is recognized
for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment
loss previously recognized. The gain or loss not previously recognized by the date of the sale of the non-current asset is recognized
at the date of derecognition.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-current
assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale.
Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-current
assets or group of assets classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities
of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet. These assets and
liabilities are not offset.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
it is a discontinued operation, that is, an item which has been disposed of or classified as held for sale; and (i) it represents a significant
business line or geographic area which may be considered separate from the rest; (ii) it is part of a single coordinated plan to dispose
of a significant business line or operating geographic area which may be deemed separate from the rest; or (iii) it is a subsidiary entity
acquired solely for the purpose of reselling it; a single amount is disclosed in the statement of comprehensive income, which shows results
of discontinued operations, net of tax, including the result for the valuation at fair value less cost of sales or asset disposal costs,
if applicable.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.15</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Cash
                                            and cash equivalents</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the purpose of presentation in the Consolidated Statement of Cash Flows, cash and cash equivalents includes cash on hand, deposits held
at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that
are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. If any, bank overdrafts
are shown within borrowings in current liabilities in the Consolidated Statement of Financial Position and there are not disclosed under
Cash and cash equivalents in the Consolidated Statement of Cash Flows since they are not part of the Company&#8217;s cash management.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.16</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Shareholder&acute;s
                                            equity</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Equity&#8217;s
movements accounted for in accordance with the pertinent decisions of shareholders' meetings and legal or regulatory standards.</FONT></P>


<!-- Field: Page; Sequence: 68 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
equity accounts have been restated in terms of the measuring unit current as of December 31, 2018, with the exception of Share capital
and Treasury shares, which represent the subscribed and paid in, and the outstanding treasury capital, respectively. The adjustment resulting
from its restatement as of December 31, 2018 is disclosed in the Comprehensive share capital adjustment and Comprehensive treasury shares
adjustment lines, respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
from the change in functional currency, on January 1, 2019 the Company discontinued the preparation and presentation of financial statements
under IAS 29, and has considered equity figures expressed in terms of the measuring unit current as of December 31, 2018 as the basis
for subsequent financial statements&#8217; amounts.&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Share
                                            capital</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share
capital represents the capital issued, composed of the contributions that were committed and/or made by the shareholders and represented
by shares that comprise outstanding shares at nominal value.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Share
                                            premium</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
includes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            portion of the collected price exceeding the face value of the shares issued by the Company,
                                            net of absorbed accumulated losses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            difference between the fair value of the consideration paid/collected and the accounting
                                            value of the equity interest in the subsidiary acquired/sold/diluted which does not represent
                                            a loss of control or significant influence.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            difference between the proportional equity value registered before the merger of the subsidiary
                                            and the value resulting from applying to the subsidiary&#8217;s merged equity interest, the
                                            new ownership share resulting from the exchange relationship.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Legal
                                            reserve</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
accordance with the Argentine Commercial Companies General Law, 5% of the profit arising from the statement of income for the year, prior
years' adjustments, the translation differences which are directly accumulated in Retained earnings (see Note 4.3.4), the amounts transferred
from other comprehensive income and prior years' accumulated losses, must be appropriated to a legal reserve until such reserve equals
20% of the Company&#8217;s share capital and the related adjustment of share capital. When for any reason, the amount of this reserve
is reduced, dividends may not be distributed, until such amount is reached.</FONT></P>


<!-- Field: Page; Sequence: 69 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Voluntary
                                            reserve</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
reserve results from an allocation made by the Shareholders&#8217; Meeting, whereby a specific amount is set aside to cover for the funding
needs of projects and situations associated with Company policies.&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Other
                                            reserves</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
includes the result of operations with non-controlling interest that do not result in a loss of control and reserves for stock compensation
plans.&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Retained
                                            earnings</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Comprise
accumulated profits or losses without a specific appropriation; positive earnings can be distributable by the decision of Shareholders'
meeting, as long as they are not subject to legal restrictions. Earnings comprise current earnings, prior years' earnings that were not
distributed, translation differences which are directly accumulated in retained earnings pursuant to the policy described in Note 4.3.4,
the amounts transferred from other comprehensive income and prior years' adjustments, according to IFRS.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">General
Resolution No. 593/11 issued by the CNV provided that Shareholders in the Meetings at which they should decide upon the approval of financial
statements in which the Retained earnings account has a positive balance, should adopt an express resolution as to the allocation of
such balance, whether to dividend distribution, capitalization, setting up of reserves or a combination of these. The Company&#8217;s
Shareholders have complied with these requirements.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Other
                                            comprehensive income</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
includes gains and losses from the remeasurement process of foreign operations and the translation differences which are not classified
and directly accumulated in retained earnings pursuant to the policy described in Note 4.3.4 and actuarial gains and losses for defined
benefit plans and the related tax effect.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Dividends
                                            distribution </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividend
distribution to Company shareholders is recognised as a liability in the year in which the dividends are approved by the Shareholders'
Meeting. The distribution of dividends is made based on the Company&#8217;s Stand-Alone Financial Statements, which are presented in
pesos, the legal currency in Argentina, pursuant to regulatory requirements.</FONT></P>


<!-- Field: Page; Sequence: 70 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.17</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Compensation
                                            plans</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following guidelines under IFRS 2 have been taken into consideration for the registration of stock-based compensations:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.17.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Compensations
                                            payable in cash</U>:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Compensation
Agreements &#8211; Senior Management: fixed compensation and annual, variable and contingent long-term compensation established based
on the Company&#8217;s annual market value appreciation, with a payment cap over the Company&#8217;s adjusted operating income. With
the purpose of avoiding duplication, any analogous compensation paid to senior managers by any of the Company&#8217;s subsidiaries will
be deducted from the compensation amount in proportion to the Company&#8217;s interests in such subsidiaries.&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
reasonable value of the received services is measured through a share appreciation estimate using the Black-Scholes-Merton financial
valuation model. The fair value of the amount payable is accrued and acknowledged as an expense, with the corresponding increase in liabilities.
Liabilities are revalued on each balance sheet date. Any change in the fair value of liabilities is disclosed under profit or loss.&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.17.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Compensations
                                            payable in shares</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stock
compensation plan by which certain officers and other key staff receive a certain number of the Company&#8217;s shares. The Company&#8217;s
Board of Directors approves the market acquisition of own shares as a means of implementing the Plan (see Note 13.1.2).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
number of shares is calculated as from a percentage over the total annual remuneration, plus the bonus assigned to each covered employee,
divided by the weighted average price, in pesos, of the Company&#8217;s share and ADR for the same period; with one-third vesting each
year, which will be awarded together with the payroll for April of the year following the vesting date, with the requirement that the
employment relationship continues at least until each vesting date. The fair value of the received services is measured at the fair value
of the shares at the time of granting and is disclosed during the vesting period, together with the corresponding increase in equity.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.18</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Trade
                                            payables and other payables</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade
payables and other payables are recognised initially at fair value and subsequently measured at amortized cost using the effective interest
method.</FONT></P>


<!-- Field: Page; Sequence: 71 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.19</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Borrowings</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Borrowings
are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any
difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period
of the borrowings, using the effective interest method.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Borrowings
are removed from the statement of financial position when the obligation specified in the contract is discharged, canceled or expired.
The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the
consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income
or finance costs.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
a debt contract is amended or swapped, the Company records the cancellation of the original liability and discloses a new financial liability
if the new conditions are substantially different from the original ones.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Borrowings
are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12
months after the reporting period.&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.19.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Borrowing
                                            costs</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">General
and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are
capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets
are assets that necessarily take a substantial period of time to get ready for their intended use or sale.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investment
income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the
borrowing costs eligible for capitalization.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
borrowing costs are expensed in the period in which they are incurred.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.20</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Employee
                                            benefits</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.20.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Short-term
                                            obligations</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payroll
liabilities, including non-monetary benefits and accumulated sick leave expected to be settled in full within 12 months after the end
of the reporting period in which the employees provide the associated service are recognised for the amount expected to be paid when
the liabilities are settled. The liabilities are disclosed as Salaries and social security payable in the consolidated statement of financial
position.</FONT></P>


<!-- Field: Page; Sequence: 72 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.20.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Defined
                                            benefit plans </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Labor
costs liabilities are accrued in the periods in which the employees provide the services that trigger the consideration.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
the Company operates several defined benefit plans. Defined benefit plans define an amount of pension benefit that an employee will receive
on retirement, depending on one or more factors, such as age, years of service and compensation. In accordance with conditions established
in each plan, the benefit may consist in a single payment, or in making complementary payments to those made by the pension system.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
defined benefit liability recognised in the financial statement balance sheet, at the end of the reporting period, is the present value
of the defined benefit obligation net of the fair value of the plan assets, when applicable. The defined benefit obligation is calculated
annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined
by discounting the estimated future cash outflows using future actuarial assumptions about demographic and financial variables that affect
the determination of the amount of such benefits.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Actuarial
gains and losses from experience adjustments and changes in actuarial assumptions, are recognised in other comprehensive income (loss)
in the period in which they arise and past service costs are recognised immediately in the statement of income (loss).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.21</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Provisions,
                                            contingent liabilities and contingent assets</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Provisions
are recognised when the group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow
of resources will be required to settle that obligation, and the amount can be reliably estimated. Provisions are not recognised for
future operating losses.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Provisions
are measured at the present value of the expenditures expected to be required to settle the present obligation, taking into account the
best available information as of the date of the Consolidated Financial Statements based on assumptions and methods considered appropriate
and taking into account the opinion of Company&#8217;s legal advisors. As additional information becomes available to the Company, estimates
are revised and adjusted periodically. The discount rate used to determine the present value reflects current market assessments of the
time value of money and the risks specific to the liability, as of the date of the financial statements. The increase in the provision
due to the passage of time is recognised within other financial results.</FONT></P>


<!-- Field: Page; Sequence: 73 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contingent
liabilities are possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence
of uncertain future events not wholly within the control of the entity; or present obligations that arise from past events but it is
not probable that an outflow of resources will be required to its settlement; or whose amount cannot be measured with sufficient reliability.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contingent
liabilities are not recognised. The Company discloses in notes to the Consolidated Financial Statements a brief description of the nature
of material contingent liabilities.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contingent
liabilities, whose possibility of any outflow in settlement is remote, are not disclosed unless they involve guarantees, in which case
the nature of the guarantee is disclosed.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contingent
assets are possible assets that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence
of uncertain future events not wholly within the control of the entity.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contingent
assets are not recognised. The Company discloses in notes to the Consolidated Financial Statements a brief description of the nature
of material contingent assets, where the related inflows of economic benefits are estimated to be probable.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.22</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Revenue
                                            from contracts with customers</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.22.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Generation
                                            segment</U>:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>4.22.1.1
Revenues from sales to the spot market (SE Resolution N&deg;826/22) </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes revenues from i) power availability on a monthly basis as the different power plants are available to generate; ii)
power generated, operated energy and power generated in peak hours, when the delivery of energy is effective, based on the price applicable
depending on the technology of each plant. Revenues are not adjusted for the effect of financing components as sales are made with an
average credit term of 42 days, which is consistent with market practice.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>4.22.1.2
Revenues from supply agreements with CAMMESA (SE Resolution No. 220/07, SEE Resolution No. 21/16, SEE Resolution No. 287/17 and Renovar
Programs)</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes revenues from supply contracts with CAMMESA for i) power availability, when applicable, on a monthly basis, as the
different power plants are available to generate and ii) energy generated when the delivery of energy is effective, based on the price
established in each contract. Revenues are not adjusted for the effect of financing components as sales are made with an average credit
term of 42 days, which is consistent with market practice.</FONT></P>


<!-- Field: Page; Sequence: 74 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>4.22.1.3
Revenues from sales contracts with large users within the MAT</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes revenues from energy plus sales and renewable energy when the delivery of energy is effective based on the price established
in each contract. Revenues are not adjusted for the effect of financing components as sales are made with an average credit term of 30
days, which is consistent with market practice.&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.22.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Oil
                                            and gas segment</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes revenues from the sale of oil and gas, to third parties and intersegment, when control of the product is transferred,
that is, at the output of each area, when the oil and gas is delivered to the carrier and to the extent there is no unfulfilled obligation
that could affect the acceptance of the product by the client. In all cases the transport of the gas is in charge of the client. Revenues
from these sales are recognised based on the price by product specified in each contract or agreement to the extent that it is highly
probable that a significant reversal will not occur.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenues
are not adjusted for the effect of financing components as sales are made with an average credit term not exceeding 45 days, which is
consistent with market practice.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.22.3
<U>Petrochemical segment</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes revenues from the sale of petrochemical products, whether in local or foreign markets, when the control of the product
is transferred, that is, when the products are delivered to the client and there is no unfulfilled obligation that could affect the acceptance
of the product by the client. The delivery, as established in each contract, is occurs:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)
when the products are dispatched and transported by and in charge of the client, or,</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)
when the products have been dispatched by the Company to a specific location, the obsolescence risks and loss have been transferred to
the client, and the client has accepted the products according to the sale contract, the acceptance provisions have expired, or when
the Company has objective evidence that all acceptance criteria have been met.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenues
from these sales are recognised based on the price specified in each contract, to the extent that it is highly probable that a significant
reversal will not occur. Revenues are not adjusted for the effect of financing components as sales are made with an average credit term
not exceeding 30 days, which is consistent with market practice.</FONT></P>


<!-- Field: Page; Sequence: 75 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.22.4
<U>Holding and others segment</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes revenues from contracts with customers in relation to advisory services to related companies as services are rendered
based on the price established in each agreement. Revenues are not adjusted for the effect of financing components, as sales are made
with an average credit term of 30 days, which is consistent with market practice.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.23</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Other
                                            Income</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.23.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Government
                                            grants</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Grants
from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the
Group will comply with all attached conditions. The group did not benefit directly from any other forms of government assistance.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes revenues from natural gas production promotion or stimulus programs upon the actual delivery of gas and in accordance
with the price established in the applicable regulation, only inasmuch as it is highly probable that there will be no significant reversal
and the consideration is likely to be received, that is, to the extent that the procedure defined by the Government is formally complied
with.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
recognition of revenues associated with Natural Gas Production Promotion or Stimulus Plans (see Note 2.2.4.1) falls within the scope
of IAS 20 as it involves a compensation as a result of the maintenance or increase in the committed production volume.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenues
from natural gas production or stimulus programs are disclosed under other operating income in the consolidated statement of comprehensive
income. Furthermore, the fiscal costs of the above-mentioned programs are disclosed under Other operating expenses in the consolidated
statement of comprehensive income.&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.23.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Interest</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest
income from financial assets at fair value through profit or loss is included into the result of changes in the fair value of those assets.
Interest income from financial assets at amortized cost and financial assets at fair value through other comprehensive income are recognised
in the statement of income.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest
income is calculated by using the effective interest rate to the gross carrying amount of a financial asset (without considering impairment
provision), except for impaired financial assets, that is calculated by applying the effective interest rate to the carrying amount net
of impairment provision.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Commercial
interest corresponding to late payment surcharges in the cancellation of sales receivables is disclosed under Other operating income
as it provides relevant information on the business&#8217; operations and operating flows.</FONT></P>


<!-- Field: Page; Sequence: 76 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.23.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Dividends</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividends
income are received from financial assets measured at fair value through profit or loss or through other comprehensive income. Dividends
are recognised as revenue when the right to receive payment has been established. This applies even if they are paid out of pre-acquisition
profits.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.24</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Income
                                            tax</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
tax expenses for the year include current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates
to items recognised in other comprehensive income or directly in equity, in which case, the tax is also recognised in other comprehensive
income or directly in equity, respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet. Management
periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation.
It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
income tax is recognised, using the liability method on temporary differences between the tax bases of assets and liabilities and their
carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognised if they come from the
initial recognition of goodwill; or if it arises from initial recognition of an asset or liability in a transaction other than a business
combination that at time of the transaction affects neither accounting nor taxable profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
income tax assets are recognised only to the extent that it is probable that future taxable profit will be available and can be used
against temporary differences.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
income tax is provided on temporary differences from investments in subsidiaries, joint ventures and associates, except for deferred
income tax liability where the timing of the reversal of the temporary difference is controlled by the group and it is probable that
the temporary difference will not reverse in the foreseeable future.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
assets or liabilities are recognised on account of gains or losses from fiscal tax inflation which, pursuant to Law No. 27,541 and
 Law No 27,701, are deferred and accounted for in subsequent fiscal periods (see Note 2.6.1).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
income tax assets and liabilities are offset when there is a legally enforceable right to offset the recognised amounts and when the
deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity
or different taxable entities where there is an intention to settle the balances on a net basis.</FONT></P>


<!-- Field: Page; Sequence: 77 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Current
and deferred tax assets and liabilities have not been discounted and are stated at their nominal value.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Income
tax rates prevailing at year-end in Argentina (see Note 2.6.1), Ecuador, Bolivia and Uruguay are 35%, 25%, 25% and 25%, respectively.
Additionally, a 3% surcharge is added to Ecuador&#8217;s income tax when the company&#8217;s shareholder residing in Ecuador is an entity
established in a jurisdiction considered a tax haven under Ecuadorian laws.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
Bolivia, payment of Bolivian-source income to beneficiaries outside Bolivia is levied with a 12.5% withholding income tax. Furthermore,
and pursuant to the last tax reform passed in Ecuador and effective as from January 1, 2020, dividends distributed to foreign shareholders
will be subject to a 10% withholding.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
Uruguay, effective from January 1, 2023, the Income Tax on Economic Activities (&#8220;IRAE&#8221;) covers certain Uruguayan-source passive
income derived by entities making up multinational groups.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
tax assets and liabilities are measured using the tax rates expected to apply in the period when the asset is realized or the liability
is settled.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
receivables have been disclosed on account of the application of the minimum presumed income tax prior to its abrogation as from January
1, 2019, which are computable as an advance payment of income tax in any of the following ten years.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s management evaluates the recoverability of the recorded receivables at the closing of each fiscal year, and allowances
are created as long as it is estimated that the computable amounts will not be recoverable within the statutory limitation period taking
into consideration the Company&#8217;s current business plans.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.25</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Leases</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
leases where the Company is a lessee (Note 19.1), a right-of-use asset and a lease liability are recognised on the date on which the
underlying asset is available for use by the Company.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
the commencement date the lease liability is measured at the present value of the payments that are not paid at that date, including:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">fixed
                                            payments, less any lease incentive receivable</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">variable
                                            lease payments depending on an index or rate</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">amounts
                                            that the Company expects to pay under residual value guarantee</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">exercise
                                            price of a purchase option (if the Company is reasonably certain to exercise that option),
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">penalty
                                            payments for terminating the lease, if the lease term reflects the Company exercising that
                                            option.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 78 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Lease
payments are discounted using the Company&#8217;s incremental borrowing rate, which is the rate the Company would have to pay to borrow
over a similar term, security and conditions, the funds necessary to acquire an asset of a similar value to the right-of-use asset in
a similar economic environment, or by using the interest rate implicit in the lease, if that rate can be readily determined.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
lease liability is disclosed in &#8220;Trade and other payables&#8221;. Each lease payment is apportioned between the principal and the
financial cost. The financial cost is charged to income over the term of the lease to produce a constant periodic interest rate on the
remaining liability balance for each period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Right-of-use
assets are measured at cost, which comprises:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            amount of the initial measurement of the lease liability</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            lease payment made at or before the commencement date, less any lease incentive received</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            initial direct cost, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">an
                                            estimate of costs to be incurred for decommissioning or restoring the underlying asset pursuant
                                            to the terms and conditions of the lease</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Right-of-use
assets are depreciated using the straight-line method over the asset&#8217;s useful life or, if shorter, during the lease term.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes lease payments associated with short-term leases (up to 12 months) and leases for which the underlying asset is of
low value (IT equipment and office supplies) as an expense using the straight-line method over the lease term.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Leases
in which the Company, as a lessor, has transferred all risks and rewards incidental to ownership of the underlying asset are classified
as financial leases (Note 19.2.1). Financial leases are recognised at the commencement date at the fair value of the leased property
or, if lower, the present value of the minimum lease payments to be received. The corresponding lease rights, net of financial charges,
are included in &#8220;Trade and other receivables&#8221;. Each lease payment received is allocated between income receivable and financial
income. Financial income is recognised as a profit over the term of the lease to produce a constant periodic interest rate on the remaining
liability balance for each period. Property under financial leases is derecognised if there is reasonable certainty that the Company
will transfer its ownership at the end of the lease term.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Leases
in which the Company does not transfer a significant part of the risks and rewards incidental to ownership of the underlying asset are
classified as operating leases. Revenues from associated leases are recognized in income using the straight-line method over the term
of the lease (Note 19.2.2). The corresponding leased assets are included in the Consolidated Statement of Financial Position depending
on their nature.</FONT></P>


<!-- Field: Page; Sequence: 79 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
5</U>: GROUP STRUCTURE</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.1</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Acquisition
                                            and sale of equity interests</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/106% Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">5.1.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><U>Sale
                                            of equity interests of controlling stake in Edenor</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 28, 2020, the Company entered into with Empresa de Energ&iacute;a del Cono Sur S.A. and Integra Capital S.A., Daniel Eduardo
Vila, Mauricio Filiberti and Jos&eacute; Luis Manzano (the &#8220;Purchaser&#8221;) a share purchase agreement whereby it agreed to sell
its controlling interest in Edenor through the transfer of all Class A shares representing 51% of the capital stock and voting rights
of said company (the &#8220;Transaction&#8221;). On February 17, 2021, Pampa&#8217;s shareholders meeting was held and the Transaction
was approved.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 24, 2021, the ENRE approved the Transaction through Resolution No. 207/21, whereas, after meeting the precedent conditions, the
transaction closing took place on June 30, 2021, with the transfer of shares and the change of controlling shareholder.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
agreed sales price consisted of: 21,876,856 Class B shares of Edenor, representing 2.41% of Edenor&#8217;s capital stock and voting rights,
transferred upon the execution of the share purchase agreement; and US$ 95 million in cash, which was paid in 3 installments: (i) US$
5 million upon the execution of the share purchase agreement; (ii) US$ 50 million on the closing date; and US$ 40 million, plus interest
at a 10% fixed nominal annual rate (payable quarterly), between June and July 2022.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Within
the previously described framework and pursuant to IFRS 5, and considering that the transaction involved loss of control over the subsidiary,
all Edenor&#8217;s assets and liabilities had been classified as held for sale as of December 31, 2020 and had been measured at the lower
between its fair value, net of costs associated with the sale, if applicable, and its book value, which involved the recognition of an
impairment loss for US$ 589 million, included together with the results corresponding the Distribution of energy segment under &#8220;Discontinued
operations&#8221; of the Consolidated Statement of Comprehensive Income for the years ended December 31, 2021 and 2020.</FONT></P>

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


<!-- Field: Page; Sequence: 80 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
5</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The statement
of comprehensive income associated with the discontinued operations is disclosed below:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Distribution
    of Energy</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 67%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Revenue</TD>
    <TD STYLE="vertical-align: middle; text-align: right">493</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,085</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="text-align: right">(398)</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(926)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Gross profit&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">95</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">159</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="text-align: right">(36)</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(79)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="text-align: right">(26)</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(64)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="text-align: right">21</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="text-align: right">(18)</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(25)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Reversal of property, plant and equipment impairment</TD>
    <TD STYLE="text-align: right">16</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(589)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="text-align: right">(11)</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(50)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Operating income (loss)</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">41</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(619)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Gain on monetary position, net</TD>
    <TD STYLE="vertical-align: middle; text-align: right">120</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">115</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="text-align: right">(106)</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(110)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Other financial results</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">8</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">(20)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Financial results, net</TD>
    <TD STYLE="text-align: right">22</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(14)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Profit (Loss) before income tax</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">63</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">(633)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="text-align: right">(138)</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Loss of the year from discontinued operations</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(75)</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(592)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Other comprehensive income (loss)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left; background-color: white">Items that will not be reclassified to profit or loss</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Results related to defined benefit plans</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="vertical-align: middle; text-align: right">34</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left; background-color: white">Items that may be reclassified to profit or loss</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Exchange differences on translation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(19)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Other comprehensive income (loss) of the year from discontinued operations</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">64</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">(33)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total comprehensive loss of the year from discontinued operations</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(11)</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(625)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total&nbsp;&nbsp;(loss) profit of the year from discontinued operations attributable to:</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Owners of the company</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(39)</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(499)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Non - controlling interest</TD>
    <TD STYLE="text-align: right">(36)</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(93)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(75)</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(592)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total comprehensive loss of the year from discontinued operations attributable to:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Owners of the company</TD>
    <TD STYLE="text-align: right">(9)</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(517)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Non - controlling interest</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(108)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(11)</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(625)</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)
</SUP>As of December 31, 2021, corresponds to the reclassification adjustment for exchange differences losses included in profit or loss
on Edenor disposal. No exchange differences losses on translation were reconized during 2021.</FONT></P>


<!-- Field: Page; Sequence: 81 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
consolidated statement of cash flows related to discontinued operations as of December 21, 2021 and 2020 is presented below:</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Distribution of Energy </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; width: 61%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 16%">12.31.2021</TD>
    <TD STYLE="background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 16%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Net cash generated by operating activities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">116</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">211</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Net cash used in investing activities</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(166)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(86)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Net cash used in financing activities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(7)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(73)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">(Decrease) Increase in cash and cash equivalents from discontinued operations</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(57)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">52</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Cash and cash equivalents at the beginning of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">52</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Effect of devaluation and inflation on cash and cash equivalents</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(9)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">(Decrease) Increase in cash and cash equivalents</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(57)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">52</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Cash and cash equivalents at the end of the year</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">52</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/106% Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">5.1.2</FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Sale
                                            of equity interests in Refinor</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
September 15, 2022, the Company entered into an agreement with Hidrocarburos del Norte S.A. for the sale of its Class A shares representing
28.5% of Refinor&#8217;s capital stock for a price of US$ 5.7 million, subject to the fulfillment of certain precedent conditions.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of September 30, 2022, in accordance with IFRS 5 and since the transaction price was below the carrying amount, the Company recognised
impairment losses, before taxes, for US$ 11 million, which are disclosed under &#8220;Share of profit from associates and joint ventures&#8221;.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
October 14, 2022, with the precedent conditions being met, the Company transferred such shares. As of the date of issuance of these Consolidated
Financial Statements, the Company has collected US$ 1.7 million, and the amount of US$ 4 million is pending collection, to be financed
over one year from the date of sale at an 8% nominal annual fixed interest rate in accordance with the share acquisition agreement.</FONT></P>


<!-- Field: Page; Sequence: 82 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt/106% Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">5.1.3</FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Acquisition
                                            of an additional 50% interest in Greenwind</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 12, 2022, Vientos Solutions L.L.C., Rio River Capital L.L.C and the Group entered into a share acquisition agreement whereby it
acquired, for the amount of US$ 20.5 million, the whole equity interest in VS SLU, a Spanish company which main asset is its 50% interest
in Greenwind&#8217;s capital stock.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
the acquisition date, the Company recorded profits of US$ 23.3 million to reflect the fair value of the 50% stake in Greenwind prior
to the aforementioned acquisition, as this transaction is a business combination achieved in stages.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table details the fair value of the consideration transferred and the fair values of the assets acquired and the liabilities
assumed as of August 12, 2022:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify; width: 76%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; width: 24%">In million US$</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Consideration transferred&nbsp;</TD>
    <TD STYLE="text-align: right">(20.5)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Fair value of the previous interest in Greenwind</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">(20.4)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify">Total</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">(40.9)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Property, plant and equipment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: right">127.7</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Intangible assets - Customer contract <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: right">31.6</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Financial assets at fair value</TD>
    <TD STYLE="text-align: right">24.4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Trade receivables <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: right">6.3</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Other assets&nbsp;</TD>
    <TD STYLE="text-align: right">0.1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Cash and cash equivalents</TD>
    <TD STYLE="text-align: right">3.1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Borrowings&nbsp;</TD>
    <TD STYLE="text-align: right">(89.3)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Deferred tax liabilities</TD>
    <TD STYLE="text-align: right">(54.3)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Income tax liabilities</TD>
    <TD STYLE="text-align: right">(4.4)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Trade and other payables</TD>
    <TD STYLE="text-align: right">(2.0)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Provisions&nbsp;</TD>
    <TD STYLE="text-align: right">(1.4)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Tax liabilities</TD>
    <TD STYLE="text-align: right">(0.9)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify">Total acquisition price allocation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 700"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">40.9</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Mario
                                            Cebreiro Wind Farm&#8217;s fair value was assessed using the &#8220;cost-based approach,&#8221;
                                            which consists of the farm&#8217;s replacement cost new, adjusted by its loss of value resulting
                                            from physical deterioration and functional and economic obsolescence.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">The
                                            fair value of this intangible asset regarding the identified business transactions has been
                                            determined through the application of the &#8220;income-based approach&#8221; and the &#8220;multi-period
                                            excess earnings&#8221; method. Key assumptions used considered: i) projected generation level;
                                            and ii) discount rate. The useful life was assessed based on the remaining years of the contract.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">For
                                            acquired trade receivables, contractual value does not differ from fair value.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">No
                                            differences in the acquired assets&#8217; accounting valuation were identified, except for
                                            the values detailed under Property, plant and equipment and Intangible assets.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 83 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses
related to the acquisition transaction were non-significant, therefore they were recognised as expenses in fiscal year result.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
acquisition contributed to the Group revenues from sales for US$ 11.3 million and net earnings for US$ 3.5 million for the August 12
- December 31, 2022 period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the acquisition had taken place on January 1, 2022, the consolidated revenues from sales and the results for the period as of December
31, 2022 would have been US$ 1,844 million and US$ 459 million, respectively. The pro forma information was calculated based on the Company
and Greenwind&#8217;s results.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company paid US$ 20.5 million for the acquisition of the additional equity interest which, net of the cash and cash equivalents balance
of US$ 3.1 million, results in a net cash flow of US$ 17.4 million, which is disclosed in the consolidated statement of cash flows in
the item &#8220;Payment for the acquisition of subsidiaries and associates&#8221; under investment activities.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/106% Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">5.1.4</FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Acquisition
                                            of Autotrol Renovables S.A.</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
September 30, 2022, the Company acquired 100% of the capital stock of Autotrol Renovables S.A., an entity holder of the &#8220;Wayra
I Wind Farm&#8221; project (registered with the National Renewable Energy Projects Registry, &#8220;RENPER&#8221;) for a price of US$
50 thousand.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/106% Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">5.1.5</FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Acquisition
                                            of VAR</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 12, 2022, Parque E&oacute;lico Arauco S.A.P.E.M. (&#8220;PEA&#8221;) and the Company executed an agreement to acquire 100% of
VAR&#8217;s capital stock. This company is exclusively engaged in electric power generation in the domestic market through the operation
of Arauco II Wind Farm, with a 99.75 MW capacity, at a price of US$ 171 million, including the takeover of a US$ 46 million interest
liability recorded in VAR and payable by PEA in 12 consecutive monthly installments as from transaction closing.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
the meeting of the precedent conditions, on December 16, 2022, PEA transferred VAR&#8217;s shares, and the Company paid US$ 128.1 million,
an amount that considers the working capital adjustment estimated on that date. The amount paid is currently under review by the Company
and PEA in accordance with the processes established in the share purchase agreement to assess the amount of VAR&#8217;s working capital
adjustment as of closing. The following table details the fair value of the consideration transferred, and the fair values of the assets
acquired and liabilities assumed as of, December 16, 2022:</FONT></P>


<!-- Field: Page; Sequence: 84 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify; width: 76%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; width: 24%">In million US$</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Consideration transferred&nbsp;</TD>
    <TD STYLE="text-align: right">(128.1)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Estimated price adjustment&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">6.7</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify">Total</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">(121.4)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Property, plant and equipment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: right">167.7</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Intangible assets - Customer contract <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: right">62.3</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Trade receivables <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: right">4.9</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Other receivables</TD>
    <TD STYLE="text-align: right">1.2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Deferred tax liability</TD>
    <TD STYLE="text-align: right">(60.2)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Income tax liability</TD>
    <TD STYLE="text-align: right">(5.0)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify; background-color: white">Trade and other payables</TD>
    <TD STYLE="text-align: right">(3.3)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify; background-color: white">Other payables</TD>
    <TD STYLE="text-align: right">(46.0)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Tax liabilities</TD>
    <TD STYLE="text-align: right">(0.2)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify">Total acquisition price allocation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">121.4</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal">Arauco
                                            Wind Farm&#8217;s fair value was assessed using the &#8220;cost-based approach,&#8221; which
                                            consists of the farm&#8217;s replacement cost new, adjusted by its loss of value resulting
                                            from physical deterioration and functional and economic obsolescence. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal">The
                                            fair value of this intangible asset regarding the identified business transactions has been
                                            determined through the application of the &#8220;income-based approach&#8221; and the &#8220;multi-period
                                            excess earnings&#8221; method. Key assumptions used considered: i) projected generation level;
                                            and ii) discount rate. The useful life was assessed based on the remaining years of the contract.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal">For
                                            acquired trade receivables, contractual value does not differ from fair value.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal">No
                                            differences in the acquired assets&#8217; accounting valuation were identified, except for
                                            the values detailed under Property, plant and equipment and Intangible assets.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses
related to the acquisition transaction were non-significant, therefore they were recognised as expenses in fiscal year result.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the acquisition had taken place on January 1, 2022, the consolidated revenues from sales and the results for the period as of December
31, 2022 would have been US$ 1,858 million and US$ 448 million, respectively. The pro forma information was calculated based on the Company
and VAR&#8217;s results.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company paid US$ 93.2 million for the acquisition of the equity interest, which is disclosed in the consolidated statement of cash flows
in the item &#8220;Payment for the acquisition of subsidiaries and associates&#8221; under investment activities. In addition, the Company
made a partial payment by delivering public securities for US$ 34.9 million which is disclosed in the consolidated statement of cash
flows in the item &#8220;significant non-cash transactions&#8221; (see Note 14.3).</FONT></P>

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


<!-- Field: Page; Sequence: 85 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Arial Unicode MS; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
5</U>: <FONT STYLE="font-weight: normal">(Continuation)</FONT></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.2<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Interest in subsidiaries, associates and joint ventures</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 35.4pt; text-align: justify; text-indent: -35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.1
<U>Subsidiaries information</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
otherwise indicated, the capital stock of the subsidiaries consists of common shares, each granting the right to one vote. The country
of the registered office is also the principal place where the subsidiary develops its activities.</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 37%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 26%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 11%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 12%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Company</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Country</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Main activity</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">Direct and indirect participation %</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">Direct and indirect participation %</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Autotrol Renovable S.A. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">GASA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Enecor S.A.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Electricity transportation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">70.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">70.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Fideicomiso CIESA&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle">Greenwind <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">50.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">HIDISA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">61.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">61.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">HINISA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">52.04%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">52.04%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">CISA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Trader &amp; investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">PEB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Bolivia</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">PB18</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Ecuador</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Energ&iacute;a Operaciones ENOPSA S.A.&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Ecuador</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Pampa Ecuador Inc&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Ecuador</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">PE Energ&iacute;a Ecuador LTD</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Gran Cayman</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">EISA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Uruguay</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">PISA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Uruguay</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">TGU</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Uruguay</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Gas transportation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">51.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">51.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Corod <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Venezuela</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Petrolera San Carlos S.A.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Venezuela</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Vientos de Arauco Renovables S.A.U. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Vientos Solutions Argentina S.A.U.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Advisory services</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">VS S.L. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Espa&ntilde;a</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  </TABLE>

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

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See
                                            Note 5.1.4.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See
                                            Note 5.1.3.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest
                                            assigned under the assignment of the indirect interest in the capital stock of mixed companies
                                            in Venezuela. See Note 5.3.2. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See
                                            Note 5.1.5.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 86 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Information
                                            about investments in associates and joint ventures</U></FONT></TD></TR></TABLE>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center">Information about the issuer</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 32%">Main activity</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 12%">Date</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 12%">Share capital</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 12%">Profit (loss) of the&nbsp;&nbsp;year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 12%">Equity</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Associates</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>OCP</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12.31.2022</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">100</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(4)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">96</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>TGS <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Gas transportation</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12.31.2022</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">182</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">1,508</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle">Joint ventures</TD>
    <TD STYLE="text-align: center; font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>CIESA <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12.31.2022</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">93</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">770</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Citelec <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12.31.2022</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">5</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">235</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>CTB</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Generation</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12.31.2022</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">48</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">53</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">536</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The
                                            Company holds a direct and indirect interest of 3.764% in TGS and 50% in CIESA, a company
                                            that holds a 51% interest in the share capital of TGS. Therefore, additionally the Company
                                            has an indirect participation of 25.50% in TGS. </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 32.2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 32.2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the quotation of TGS's ordinary shares and ADR published on the Buenos Aires Stock Exchange and the NYSE was $
811.05 and US$ 11.80, respectively, granting to Pampa (direct and indirect) ownership an approximate stake market value of $ 188,568
million.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The
                                            Company holds a 50% interest in Citelec, a company that holds a 52.65% interest in Transener&#8217;s
                                            capital stock; therefore, the Company has a 26.33% indirect interest in Transener. As of
                                            December 31, 2022, Transener&#8217;s common share price listed at the Buenos Aires Stock
                                            Exchange was $ 184,50, conferring Pampa&#8217;s indirect interest an approximate $ 21,598
                                            million market value.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 32.2pt; text-align: justify; text-indent: -9.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 87 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
5</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 13.5pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
details of the balances of investments in associates and joint ventures are as follows:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 17%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Disclosed in non-current assets</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Associates</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Refinor <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">OCP</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">15</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">TGS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">67</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">52</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total associates</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">82</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">98</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Joint ventures</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">CIESA</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">435</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">347</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Citelec</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">117</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">102</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">CTB</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">268</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">227</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">820</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">676</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total associates and joint ventures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">902</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">774</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Disclosed in non-current liabilities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Joint ventures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Greenwind</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total joint ventures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(4)</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See
                                            Note 5.1.2. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following tables show the breakdown of the share of profit from associates and joint ventures:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Associates</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Refinor</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(12)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">OCP</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(5)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">TGS</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">7</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total associates</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(6)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">23</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(6)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">CIESA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">43</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">50</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">CTB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">41</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">49</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">64</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Citelec&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">3</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Greenwind <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">24</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total joint ventures</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">111</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">94</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">91</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">105</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">117</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">85</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See
                                            Note 5.1.3. </FONT></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 88 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
evolution of investments in associates and joint ventures is as follows:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 14%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 14%">12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 14%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">At the beginning of the year</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">770</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">547</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">507</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Compensation</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(5)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Dividends</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(8)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(34)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increases</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Decrease due to acquisition of control <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(20)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Decrease due to sale of equity interests&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(6)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Share of profit&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">116</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">117</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">85</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Impairment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(11)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Exchange differences on translation</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">60</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">89</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(9)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">At the end of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">902</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">770</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">547</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 7.1pt; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT></SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See Note 5.1.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0in; margin-right: 0; margin-bottom: 0; margin-left: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT></SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See Note 5.1.2.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.3
<U>Investment in CTB</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 26, 2019. the acquisition by CTB, a company co-controlled by YPF and Pampa, of CTEB's goodwill was perfected, which is located
at the petrochemical complex of the town of Ensenada, Province of Buenos Aires, consists of two open-cycle gas turbines, and has a
567 MW installed capacity.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">CTB
committed to obtain the commissioning of the closing of the combined cycle increasing the installed power capacity to 847 MW.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Both
the open and the closed cycle have effective power purchase agreements with CAMMESA under Resolution SE No. 220/07: the first one, entered
into on March 26, 2009 which expired on April 27, 2022, and the second one dated March 26, 2013 for a term of 10 years as from the commercial
operation of the combined cycle, which stared operations on February 22, 2022. Moreover, energy not committed under contracts with CAMMESA
is remunerated at the spot market.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">CTEB
will be managed and operated by Pampa and YPF on a rotational basis over 4-year periods. Pampa is responsible for managing CTEB&#8217;s
operations until mid-2023. And YPF, through its subsidiary YPF Energ&iacute;a El&eacute;ctrica S.A., will supervise the necessary works
for the closing of the combined cycle.</FONT></P>

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


<!-- Field: Page; Sequence: 89 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.3.1
Financial Trust Agreement</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
a result of the award of CTEB&#8217;s goodwill, certain amendments were made to the Enarsa-Barrag&aacute;n Financial Trust Agreement
entered into between BICE Fideicomisos S.A. (Naci&oacute;n Fideicomisos S.A.&#8217; continuing company), acting as Trustee, and CTB,
in its capacity as Trustor substituting IEASA (former ENARSA) (the &#8220;Trust Agreement&#8221; or the &#8220;Trust&#8221;).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the Trust, on April 25, 2011 publicly traded Series B VRD for a face value of 582,920,167 were issued. The Trust&#8217;s underlying flow
is made up of the collection rights resulting from the power supply agreements originally entered into between ENARSA (currently IEASA)
and CAMMESA.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 26, 2019 and October 16, 2020, CTB made a partial early redemption of 109,628,836 and 275,053,045 outstanding Series B VRD, which
were canceled on October 29, 2019 and December 4, 2020, respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
on December 17, 2021, CTB performed the total early redemption of 198,238,286 VRD for a total amount of US$ 94 million. As of the issuance
of these Consolidated Financial Statements, the VRD have been canceled and the Trust has been liquidated.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.3.2
Syndicated loan</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 25, 2019, in order to partially finance the obligations undertaken as a result of the award and execution of the works for the closing
of the combined cycle at CTEB, Citibank, N.A., Banco de Galicia y Buenos Aires S.A.U., Banco Santander R&iacute;o S.A., HSBC Bank Argentina
S.A. and Industrial and Commercial Bank of China (Argentina) S.A., in their capacity as lenders (the &#8220;Lenders&#8221;), granted
a syndicated loan to CTB in the amount of US$ 170 million maturing on June 26, 2022, with US$ 136 million accruing a fixed 10.25% interest
rate and US$ 34 million accruing a variable LIBOR rate+6.25.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
March 25, 2022 CTB and the lenders executed a amendment to the agreement modifying the loan repayment scheme in its variable interest
rate tranche, with a new maturity on October 1, 2022, and changing the reference rate from LIBOR to SOFR.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During
the fiscal year ended December 31, 2022, CTB has repaid at maturity the amount of US$ 74,4 million of the syndicated loan&acute;s remaining
installments.</FONT></P>


<!-- Field: Page; Sequence: 90 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.3.4
Global Program of CB </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
July 23, 2020, CTB&#8217;s Extraordinary General Shareholders&#8217; Meeting resolved to approve the creation of a global program of
simple corporate bonds non-convertible into shares for up to US$ 200 million or its equivalent in other currencies or units of
value, and the issuance of corporate bonds under such program up to its maximum amount, at any time, to be issued in one or more
classes and/or series, which authorization was granted by the CNV on September 24, 2020.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.3.5
Issuance of CB</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 4, 2021, CTB issued: (i) Class 1 CB for a total amount of US$ 27.3 million, accruing interest at an annual fixed rate of 4% and
maturing on June 4, 2023; and (ii) Class 2 CB for a total amount of 37,504,954 units of purchasing power (&#8220;UVA&#8221;), adjustable
by the Reference Stabilization Coefficient (CER), equivalent to $2,928 million, accruing interest at a fixed 4% rate and maturing on
June 4, 2024.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 18, 2021, CTB reopened (i) Class 1 CB for a total amount of US$&nbsp;15.6 million at an issue price of 101.7050%; and (ii) Class
2 CB for a total amount of 27.9 million UVA at an initial value of $84.76 per UVA at an issue price of 100.82%.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
November 26, 2021, CTB issued Class 4 CB for a total amount of US$&nbsp;96 million, accruing interest at an annual 0% fixed rate and
maturing on November 26, 2024.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 16, 2022, CTB issued: (i) Class 6 CB for a total amount of US$ 25 million at a fixed annual 0% rate maturing on May 16, 2025; and
(ii) Class 7 CB for a total amount of $ 1,754 million accruing interest at a variable BADLAR rate plus an annual 2.98% spread and maturing
on November 16, 2023.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 22, 2022, CTB issued Class 8 CB for a total amount of $ 4,235 million, accruing interest at a variable BADLAR rate plus a 1.00%
annual spread and maturing on February 22, 2024.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
on December 12, 2022, CTB reopened additional Class 6 CB for a total amount of US$ 58.6 million accruing interest at an annual 0% fixed
rate and maturing on May 16, 2025. With the reopening of Class 6 CB, which were subscribed and paid in cash and in-kind through the delivery
of Class 1 CB, Class 1 CB with a fair value of US$ 10.7 million were partially canceled, with a US$ 32.2 million outstanding face value.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
CB are secured by a personal guarantee subject to a precedent and subsequent condition granted by YPF and Pampa.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the date of issuance of these Consolidated Financial Statements, CTB is in compliance with all the covenants under its debt agreements.</FONT></P>

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


<!-- Field: Page; Sequence: 91 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.3.6
Closing to combined cycle project</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">CTB&#8217;s
closing to combined cycle commitment to increase its installed capacity from 567&nbsp;MW to 847&nbsp;MW has been affected from its beginning
by the evolution of the measures associated with the COVID-19 pandemic. The stiffening of social lockdown measures from July 1, 2020
excluded private infrastructure works from the exempted activities. Later on, pursuant to Resolutions No. 1197-MJGM-2020 and No. 1690-MJGM-2020
issued by the Buenos Aires Chief of the Cabinet of Ministers&#8217; Office, as amended, CTB resumed the execution of construction works
following their critical path from July 20, 2020.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Within
this framework, on July 28, 2020, the Company and the Joint Venture made up of SACDE Sociedad Argentina de Construcci&oacute;n y Desarrollo
Estrat&eacute;gico S.A. and Techint Compa&ntilde;&iacute;a T&eacute;cnica Internacional S.A.C.E.I. entered into an addendum to the construction
agreement within the framework of the restrictions imposed as a result of the COVID-19 pandemic, reaching an agreement on the impact
on costs and works&#8217; execution terms, and launching a new stage for the execution of the closing to combined cycle.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
evolution of the Argentine Government&#8217;s measures to contain the spread of COVID-19 in 2020 and 2021 has affected the works execution
progress, delaying the term initially planned for commissioning and generating several instances of review in the schedule and the scope
of the tasks necessary to complete the works, with the resulting increase in associated costs. Moreover, exchange and customs restrictions
have impacted costs and terms for the supply of foreign equipment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Given
the problems in the normal execution of the project affecting the works&#8217; terms and costs, on July 1, 2022, CTB and the Joint Venture
made up by SACDE and Techint Compa&ntilde;&iacute;a T&eacute;cnica Internacional S.A.C.E I. entered into a new addendum to the construction
agreement, which mainly stipulated as follows: (i) a new work schedule to reach the combined cycle&#8217;s commissioning; and (ii) the
recognition in favor of the Joint Venture of the right to an US$8 million compensation on account of the incurred term and cost variations.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
January 27, 2023, CTB has launched the CC and on February 22, 2023, it stared operations under the supply agreement with CAMMESA.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.3.7
Impairment of non-financial assets</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Spot
market prices were modified in May 2021 by SE Resolution No. 440/21, which, although providing for a 29% increase in remuneration, permanently
abrogated the application of the automatic adjustment mechanism. This impacted the future flows collectible by CTB after the termination,
in the year 2022, of the supply agreement with CAMMESA that remunerates the units making up the open cycle. Additionally, in 2020 and
2021 the progress of works for CTB&#8217;s closing to combined cycle was affected by the measures implemented to contain the COVID-19
spread, delaying the scheduled term for commissioning and increasing the costs associated with the completion of the project.</FONT></P>


<!-- Field: Page; Sequence: 92 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
view of these indications, CTB determined the estimation of the recoverable amount as of December 31, 2022 and 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
methodology used in the estimation of the recoverable amount consisted of calculating the present value of future net cash flows expected
to be generated by the CGU, discounted with a rate reflecting the weighted average costs of the capital employed.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
projections used by CTB in the calculation of the recoverable amount as of December 31, 2022 take into consideration 2 scenarios that
weigh: i) the entry into effect of the new supply agreement with CAMMESA for the combined cycle in the first quarter of 2023; ii) the
periodic price update in line with inflation for the spot remuneration; iii) the recognition of a long-term differential remuneration
allowing to make the investments necessary to maintain availability and improve the open cycle&#8217;s efficiency; iv) the regularization
of the financing term granted to CAMMESA in 2024; and v) an 11.7% after-tax WACC rate.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, and 2021, CTB has not recorded any impairment losses as a result of the performed recoverability assessment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.4
<U>Investment in OCP</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company, through PEB, has an equity interest in OCPSA, an oil pipeline in Ecuador that has a transportation capacity of 450,000 barrels/day.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 12, 2021, the Company, through its subsidiary PEB, executed an agreement with Occidental International Exploration and Production
Company for the acquisition of all the shares of Occidental del Ecuador Inc. (currently Pampa Ecuador Inc.) for US$ 5 million. Pampa
Ecuador Inc. holds a 14.15 % equity interest in OCP.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
closing of the transaction involved the recognition of profits for US$ 17.2 million, under IAS 28. The following table details the consideration,
the fair value of the acquired assets, and the profit recorded by the Company as of August 12, 2021:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 85%; border-top: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: -17.15pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
    million US$</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: -17.15pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Acquisition
    cost</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: -17.15pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total
    consideration </B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(5.0)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: -17.15pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share
    value of the interest in the fair value of OCP&#8217;s identifiable assets and liabilities <FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: -17.15pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">OCP
    dividends to be received</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: -17.15pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Assets
    fair value </B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>22.2</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: -17.15pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Profit
    <FONT STYLE="font-size: 9pt"><SUP>(2)</SUP></FONT></B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>17.2</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Calculated
                                            based on the present value of expected dividend flows.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Disclosed
                                            under &#8220;Share of profit from associates and joint ventures&#8221;.</FONT></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 93 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 12, 2021, PEB recorded an impairment reversal of US$ 1.6 million, on the interest in OCP, prior to the aforementioned acquisitions,
in relation to the estimation of the present value of the future cash flows that were expected to be obtained through the collection
of dividends considering the concession term and a discount rate of 15.09 %.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
termination of the oil pipeline concession agreement is scheduled for January 12, 2024, considering the term extension resulting from
the suspension of the contractual obligations due to force majeure events. On that date, OCP will transfer and deliver to the Ecuadorian
Government or its designee all OCPSA&#8217;s shares at no cost, as well as the titles and rights over the oil pipeline&#8217;s assets.
As of the issuance of these Consolidated Financial Statements, OCPSA is executing the actions defined in the contract to meet the transfer
plan.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.4.1
Recoverable value of the investment </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
erosion process in the Quijos River course, in the San Rafael sector, on the border of the provinces of Sucumb&iacute;os and Napo, Ecuador,
caused two force majeure events consisting of the rupture of different oil pipeline tranches and the resulting temporary suspension of
the crude oil pumping in 2020 and 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
on January 28, 2022, a new force majeure event occurred due to a stone landslide causing the pipeline&#8217;s rupture at KP96+526. OCPSA
started the repairs of the affected pipeline and cleanup and remediation works. The crude oil transportation service was resumed on February
7, 2022.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">PEB
has performed recoverable amount tests for its investment in OCP as of December 31, 2021, considering the present value of the future
cash flows it expects to obtain through the collection of dividends during the concession term, the term extension due to the suspension
of contractual obligations resulting from the detailed Force Majeure events and a discount rate of 17.12%. PEB has not recorded any impairment
losses as a result of the recoverability assessment performed as of December 31, 2021, and, as of December 31, 2022, has identified no
additional indications that may impact the assumptions taken into consideration in the aforementioned assessment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
is worth highlighting that on February 22, 2023, after the end of the fiscal year, a force majeure event occurred due to the collapse
of the bridge over the Marker River, located in El Choco canton, Napo Province. In order to guarantee the continuity of the pipeline&#8217;s
operations and avoid an environmental incident, OCPSA suspended crude oil pumping and started the complete drainage of the pipeline at
KP96+075. Additionally, OCPSA notified the occurrence of the previously mentioned event to the Ministry of Energy and Mines. The crude
oil transportation service was resumed on March 2, 2023.</FONT></P>


<!-- Field: Page; Sequence: 94 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.4.2
Contingent liabilities in OCP</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Several
organizations and natural persons filed a constitutional protection proceeding against OCPSA, as well as the Ministry of Energy, the
Ministry of the Environment and Water, Petroecuador and the Ministry of Health, alleging the infringement of several constitutional rights
regarding the force majeure event consisting of the land subsidence and sliding at the Quijos River course, which resulted in the rupture
of the pipeline at KP 93+469 in 2020. The safeguard action has been disallowed in the first and second instances by Orellana&#8217;s
Provincial Court of Justice. As of the date of issuance of these Consolidated Financial Statements, the plaintiffs have filed a constitutional
protection proceeding, which has been admitted to be heard by the Constitutional Court.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">OCPSA's
Management together with its legal advisors have classified an unfavorable ruling as remote, therefore, no provision has been recognized
on this matter.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Investment
                                            in CITELEC</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.5.1
Impairment in the value of non-financial assets in Transener </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
projections used by Transener in the calculation of the recoverable amount of long-lived non-financial assets considered 3 weighted alternatives
associated with: (i) the status of negotiations with the ENRE; (ii) the Right-of-Use and Associated Maintenance contract; (iii) Transener&#8217;s
management expectations on the transitional tariff increase to be granted until the conclusion of the new RTI; (iv) Transener&#8217;s
expectations on the timeliness and outcome of the new RTI process; and (v) the impact of a cost monitoring scheme allowing for bi-annual
updates to current tariffs.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022 and 2021, the book value of Transener&#8217;s long-lived non-financial assets does not exceed their recoverable
amount.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.5.2
Distribution of earnings</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Regarding
the loan agreement executed in July 2021 between Transener and BNA in the amount of $ 1,000 million, for the tree-year term, Transener&#8217;s
Board of Directors has committed, while the loan remains outstanding, to refrain from making any proposal to the Shareholders&#8217;
Meeting regarding the release of reserves for their distribution as dividends to shareholders or, in case there are negative results
affecting reserves, from proposing the distribution of earnings until reserves have been replenished.</FONT></P>


<!-- Field: Page; Sequence: 95 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Investment
                                            in CIESA</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Impairment
of non-financial assets in </I>TGS</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Argentina&#8217;s
main macroeconomic and business variables have deteriorated since August 2019. This situation worsened in 2020 due to the negative consequences
of the COVID pandemic on the Argentine economic situation, which forced the Argentine Government to take a series of measures, even affecting
the regulatory framework of the natural gas transportation segment. As a result, TGS has re-estimated the cash flows used in determining
the recoverable value (value in use) of the CGU in the Natural Gas Transportation segment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
projections used in the calculation of the recoverable amount considered 3 weighted alternatives associated with: (i) the status of negotiations
with the Argentine Government; (ii) the contractual rights resulting from the license; (iii) expectations on the transitional tariff
increase to be granted until the conclusion of the new RTI; (iv) expectations on the result of the new RTI process; and (v) the impact
of a cost monitoring scheme allowing for bi-annual updates to current tariffs.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022 and 2021, TGS has determined that it is not necessary to record an additional impairment charge, nor to reverse
the recorded one.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.3</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operations
                                            in oil and gas consortiums</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.3.1
<U>General considerations</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company is jointly and severally liable with the other participants for meeting the contractual obligations under these arrangements.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
production areas in Argentina are operated pursuant to concession production agreements with free hydrocarbons availability.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the computable crude oil and natural gas in Argentina production, according to Law No.17,319, are paid royalties equivalent to 12% of
the wellhead price of crude oil and natural gas. The wellhead price is calculated by deducting freight and other sales related expenses
from the sale prices obtained from transactions with third parties. This rate may increase from 3% to 4% depending on the producing jurisdiction
and market value of the product.</FONT></P>


<!-- Field: Page; Sequence: 96 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.3.2
<U>Oil and gas participation details </U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the Company and its associates are part of the joint operations and consortia for the exploration and production
of oil and gas as indicated below:</FONT></P>

<P STYLE="font: 10pt/7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Participation</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 0.5pt solid; font-weight: bold; text-align: center">&nbsp;Duration Up To&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Name</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Location</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Direct</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Indirect</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Operator</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; font-weight: bold; text-decoration: underline">Argentine production</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">R&iacute;o Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">R&iacute;o Negro and Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">31.42% and 33.07%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">YPF</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;2027/2051&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Sierra Chata&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">45.55%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2053</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">El Mangrullo</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">100.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2053</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">La Tapera - Puesto Quiroga&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Chubut</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">35.67%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Tecpetrol</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2027</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">El Tordillo&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Chubut</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">35.67%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Tecpetrol</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2027</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Aguarag&uuml;e <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Salta</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">15.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Tecpetrol</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;2023/2027&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Gobernador Ayala</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Mendoza</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">22.51%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Pluspetrol</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2036</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Anticlinal Campamento <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">&nbsp;</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">15.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Oilstone</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2026</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Estaci&oacute;n Fern&aacute;ndez Oro <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(3)</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">R&iacute;o Negro</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">15.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">YPF</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2026</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">R&iacute;o Limay este (Ex Senillosa) <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">85.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2040</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Veta Escondida y Rinc&oacute;n de Aranda&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">55.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2027</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Rinc&oacute;n del Mangrullo</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">50.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">YPF</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2052</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Los Blancos (ex Chirete)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Salta</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">50.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">High Luck Group Limited</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2045</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; font-weight: bold; text-decoration: underline">Argentine exploration</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Parva Negra Este <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">42.50%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2019</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">R&iacute;o Atuel <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(6)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Mendoza</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">33.33%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Petrolera El Trebol</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Borde del Limay <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(7)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">85.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2015</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Los V&eacute;rtices <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(7)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">85.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2015</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Las Tacanas Norte <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(8)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">90.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2023</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">On
                                            February 3, 2023, an agreement for a 10-year extension of the concession was signed with
                                            the enforcement authority. The Provincial Executive Order ratifying this agreement is pending
                                            publication.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Direct
                                            participation in 9 wells. On January 19, 2023, the Company accepted Oilstone Energ&iacute;a
                                            S.A.&#8217;s offer to terminate its rights and obligations under the investment agreement,
                                            the Joint Venture and the operating agreement of the block, effective from January 1, 2023.
                                            </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Direct
                                            participation in 13 wells. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">On
                                            January 2, 2023, the environmental remediation plan was approved by the Province of Neuqu&eacute;n&#8217;s
                                            Subsecretariat of Environment, a necessary preliminary step to relinquish the block. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(5)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">A
                                            contractual continuity plan was submitted (see details below). </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(6)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Pursuant
                                            to Resolution No. 1,787/22 of the Province of Mendoza&#8217;s Ministry of Economy and Energy,
                                            the granting of a lot under evaluation, requested by Phoenix Global Resources &#8212;Petrolera
                                            El Tr&eacute;bol&#8217;s controlling company&#8212; and the Company on April 6, 2022, was
                                            approved until August 31, 2023. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(7)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Under
                                            process of relinquishment to the province.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(8)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">On
                                            January 4, 2023, the exploration period terminated, and the Company&#8217;s rights and obligations
                                            over the area expired. </FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 97 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
5</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Continuity
plan in the Parva Negra Este block</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 14, 2022, the Company, ExxonMobil Exploration Argentina S.R.L. and GyP submitted to Enforcement Authority a proposal for a contractual
continuity plan which included: (i) the granting of a Lot under Evaluation for the April-2022 through April-2025 period, (ii) a 50% reduction
of the block&#8217;s surface, to a total surface of 143 km2, and (iii) the assignment of ExxonMobil Exploration Argentina S.R.L.&#8217;s
42.50% interest to the Company.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the issuance of these Consolidated Financial Statements, the Enforcement Authority&#8217;s decision is pending.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Assignment
of mixed companies in Venezuela</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 6, 2022, the Company transferred to Integra Petr&oacute;leo y Gas S.A. (the &#8220;Assignee&#8221;) all the rights and obligations
of the Company for its direct and indirect interest in the capital of the following mixed companies in the Bolivarian Republic of Venezuela:
Petroritupano S.A., Petroven-Bras S.A., Petroway&uacute; S.A. and Petrokari&ntilde;a S.A. (the &#8220;Mixed Companies&#8221;) that exploit
four hydrocarbon production areas in that country: Oritupano Leona, La Concepci&oacute;n, Acema and Mata (the &#8220;Areas&#8221;). As
consideration for the assignment, the Assignee will pay to the Company 50% of any payment it obtains, whether monetary or in kind (including,
without limitation, an indemnity, compensation, reparation or similar) related to the direct or indirect interest in the Mixed Companies
and the Areas. This transaction is subject to the change of control approval by the Minister of Popular Power of Petroleum of the Bolivarian
Republic of Venezuela.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the date of issuance of these Consolidated Financial Statements, the Company considers contingent the collection right associated
with the assignment, in terms of IAS 37, taking into consideration that it is subject to the change of control approval and subsequent
collection of payments by the Assignee.</FONT></P>

<P STYLE="font: 8pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 98 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.4</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exploratory
                                            well costs</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table provides the year end balances and activity for exploratory well costs, during the years ended December 31, 2022, 2021
and 2020:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; width: 54%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2021</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: white; font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>At the beginning of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">42</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">50</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">33</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Transferred to development</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(6)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(16)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(7)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">At the end of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">38</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">42</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">50</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Number of wells at the end of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">7</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">10</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">12</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
6</U>: RISKS</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.1</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Critical
                                            accounting estimates and judgments</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
applied estimates and accounting judgments are evaluated on a continuous basis and are based on past experiences and other reasonable
factors under the existing circumstances. Actual future results might differ from the estimates and evaluations made at the date of preparation
of these Consolidated Financial Statements. The estimates which have a significant risk of producing adjustments on the amounts of the
assets and liabilities during the following year are detailed below:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.1
<U>Impairment of non-financial long-lived assets</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-financial
long-lived assets, including identifiable intangible assets and right-of-use assets, are reviewed for impairment at the lowest level
for which there are separately identifiable cash flows (CGU). For this purpose, each assets group with independent cash flows, each subsidiary,
associate and each jointly controlled company has been considered a single CGU, as all of their assets jointly contribute to the generation
of cash inflows, which are derived from a single service or product; thus cash inflows cannot be attributed to individual assets.</FONT></P>


<!-- Field: Page; Sequence: 99 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
order to evaluate if there is evidence that a CGU could be affected, both external and internal sources of information are analyzed.
Specific facts and circumstances are considered, which generally include the discount rate used in the estimates of the future cash flows
of each CGU and the business condition as regards economic and market factors, such as the cost of inventories, oil and gas prices, international
petrochemical product&#8217;s price, the regulatory framework for the energy industry, the projected capital investments and the evolution
of the energy demand.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
value in use of each CGU is estimated on the basis of the present value of future net cash flows expected to be derived on the UGE. Management
uses approved budgets up to one year as the base for cash flow projections that are later extrapolated into a term consistent with the
assets&#8217; remaining useful life, taking into consideration the appropriate discount rates. The discount rates used to discount future
net cash flows is the WACC, for each CGU a specific WACC was determined which considered the business segment and the country conditions
where the operations are performed. In order to calculate the fair value less the costs of disposal, the Company Management uses the
estimated value of the future cash flows that a market participant could generate from the appropriate CGU, less the necessary costs
to carry out the sale of the corresponding CGU.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company Management is required to make judgments at the moment of the future cash flow estimation. The actual cash flows and the values
may differ significantly from the expected future cash flows and the related values obtained through discount techniques.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.2
<U>Current and deferred Income tax</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s Management periodically evaluates tax treatments affecting the determination of taxable profit regarding uncertain tax
treatment under tax law considering the acceptability of a particular tax treatment by the relevant taxation authority, and, if applicable,
recognizes tax provisions to reflect the effect of the uncertainty for each tax treatment based on the amount estimated to be paid to
the tax authorities.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the final tax resolution regarding uncertain tax treatments differs from recognised figures, such differences will have an effect on
income tax and deferred income tax at the year of such determination.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
tax asset is reviewed at each reporting date and reduced in accordance with the probability that the sufficient taxable base will be
available to allow and for the total or partial recovery of these assets. In assessing the recoverability of deferred tax assets, Management
considers if it is likely that a portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred
tax assets depends on the generation of future taxable income in the periods in which these temporary differences become deductible.
To make this assessment, Management takes into consideration the scheduled reversal of deferred tax liabilities, the projections of future
taxable income and tax planning strategies.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
generation of future taxable profits may differ from these estimated affecting the deductibility of deferred tax assets.</FONT></P>


<!-- Field: Page; Sequence: 100 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.3
<U>Provision for contingencies</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company is subject to various claims, lawsuits and other legal proceedings that arise during the ordinary course of its business. The
Company&#8217;s liabilities with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. The
Company reviews the status of each contingency and assesses potential financial liability, applying the criteria indicated in Note 4.21,
for which elaborates the estimates mainly with the assistance of legal advisors, based on information available to the Management at
Consolidated Financial Statements date, and taking into account the litigation and resolution/settlement strategies.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contingencies
include outstanding lawsuits or claims for possible damages to third parties in the ordinary course of the Company&#8217;s business,
as well as third party claims arising from disputes concerning the interpretation of legislation.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company evaluates whether there would be additional expenses directly associated with the ultimate resolution of each contingency, which
will be included in the provision if they may be reasonably estimated.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
final resolutions of the litigation could differ from Management's estimates, generating current provisions to be inadequate, which could
have a material adverse effect on the statement of financial position, comprehensive income, changes in equity and cash flows.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.4
<U>Asset retirement obligations and decommissioning of wind turbines</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Asset
retirement obligations in oil and gas areas after completion of operations require the Company&#8217;s Management to estimate the number
of wells, long-term well abandonment costs and the time remaining until abandonment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the same way, the obligations related to the decommissioning of wind turbines in wind farms require the Company&#8217;s Management to
estimate long-term dismantling costs and the time remaining until the dismantling.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Technology,
costs and political, environmental and safety considerations constantly change and may result in differences between actual future costs
and estimates.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Asset
retirement obligations&#8217; and the decommissioning of wind turbines&#8217; estimates are adjusted at least once a year or more frequently
if there are changes in the assumptions considered in the assessment.</FONT></P>


<!-- Field: Page; Sequence: 101 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.5
<U>Impairment of financial assets and other credits</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Group is exposed to losses for uncollectible receivables. The Company Management estimates the final collectability of the accounts receivable.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
accounting of expected credit losses for trade receivables and other receivables with similar risk characteristics is based on the Company's
best estimate of the default risk and the calculation of the expected credit losses rates, based on historical information of the behavior
of the Company's clients, current market conditions and forward-looking estimates at the end of each reporting period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
order to estimate collections related to the sale of gas and energy in the spot market and revenues associated with natural gas production
promotion plans, the Company mainly considers CAMMESA&#8217;s and federal government&#8217;s capacity to meet its payment obligations
to generators and producers, including the resolutions issued by the SE, which allow the Company to collect its receivables through different
mechanisms.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Future
adjustments to the allowance may be necessary if future real economic conditions differ substantially from the assumptions used in the
assessment for each year.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.6
<U>Actuarial assumptions in defined benefit plans</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Commitments
with defined benefit plans to employees are recognised as liabilities in the statement of financial position based on actuarial estimates
revised annually by an independent actuary, using the projected unit credit method.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
present value of defined benefit pension plan depends on multiple factors that are determined according to actuarial estimates, net of
the fair value of the plan assets, when applicable. For this purpose, certain assumptions are used including the discount rate and wage
growth rate assumptions. It may be necessary to make adjustments in the future if future real economic conditions materially differ from
the assumptions used in the valuation of each year.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.7
<U>Oil and gas reserves</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Reserves
include oil and gas volumes (in m3 of oil equivalent) that are economically producible, in the areas where the Company operates or has
a (direct or indirect) interest and over which the Company has exploration and exploitation rights.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">There
are numerous uncertainties in estimating proved and unproved reserves, future production profiles, development costs and prices, including
several factors beyond the producer&#8217;s control. Reserve engineering is a subjective process of estimating underground accumulations
involving a certain degree of uncertainty.</FONT></P>


<!-- Field: Page; Sequence: 102 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Reserves
estimates depend on the quality of the available engineering and geological data as of the estimation date and on the interpretation
and judgment thereof.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Periodic
revisions and adjustments to the estimated oil and gas reserves and related future net cash flows may be necessary as a result of changes
in a number of factors, related to reservoir performance, new drilling, oil and gas prices, cost, technological advances, new geological
or geophysical data, and other economic factors or at least once a year.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s estimates of oil and gas reserves have been developed by the Company&#8217;s internal specialists, specifically petroleum
engineers, and audited by independent specialists engaged by Company.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company uses the information obtained from the calculation of reserves in the determination of depreciation of properties, plant and
equipment used in oil and gas areas, as well as assessing the recoverability of these assets and including, when applicable, goodwill
allocated to the oil and gas segment (see Notes 4.6 to 4.9).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.8
<U>Environmental remediation</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
costs incurred to limit, neutralize or prevent environmental pollution are only capitalized if at least one of the following conditions
is met: (a) such costs relate to improvements in safety; (b) the risk of environmental pollution is prevented or limited; or (c) the
costs are incurred to prepare the assets for sale and the book value of such assets does not exceed their respective recoverable value.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Liabilities
related to future remediation costs are recorded when, on the basis of environmental assessments, such liabilities are probable to materialize,
and costs can be reasonably estimated. The actual recognition and amount of these provisions are generally based on the Company&#8217;s
commitment to an action plan, such as an approved remediation plan or the sale or disposal of an asset. In general, the provision is
recognised on the basis that a future remediation commitment may be required.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company measures liabilities based on its best estimation of present value of future costs, using currently available technology and
applying current environmental laws and regulations as well as the Company&#8217;s own internal environmental policies.</FONT></P>

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


<!-- Field: Page; Sequence: 103 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.9
<U>Fair value of financial assets that are not traded in active markets</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
fair value of financial instruments that are not traded in active markets is determined using valuation techniques. These valuation techniques
consider estimates based on information available to the Management at Consolidated Financial Statements date, for those significant
variables that cannot be observed in the market, including the discount rate, among others.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Future
adjustments may be necessary if future real economic conditions differ substantially from the assumptions used in the valuation for each
period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.10
<U>Business Combinations</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
acquisition method involves the measurement at fair value of the identifiable assets acquired and the liabilities assumed in the business
combination at the acquisition date.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the purpose to determine the fair value of identifiable assets, the Company uses the valuation approach considered the most representative
for each asset. These include: i) the income approach, through indirect cash flows (net present value of expected future cash flows)
or through the multi-period excess earnings method, ii) the cost approach (replacement value of the good adjusted for loss due to physical
deterioration, functional and economic obsolescence) and iii) the market approach through comparable transactions method.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Likewise,
in order to determine the fair value of liabilities assumed, the Company&#8217;s Management considers the probability of cash outflows
that will be required for each contingency, and elaborates the estimates with assistance of legal advisors, based on the information
available and taking into account the strategy of litigation and resolution / liquidation.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Management
critical judgment is required in selecting the approach to be used and estimating future cash flows. Actual cash flows and values may
differ significantly from the expected future cash flows and related values obtained through the mentioned valuation techniques.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.2<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Financial risk management</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.2.1
<U>Financial Risk Factors</U></FONT></P>

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


<!-- Field: Page; Sequence: 104 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial
risk management is encompassed within the Company&#8217;s global policies, there is an integrated risk management methodology, where
the focus is not placed on the individual risks of the business units&#8217; operations, but there is rather a wider perspective focused
on monitoring risks affecting the whole portfolio. The Company&#8217;s risk management strategy seeks to achieve a balance between profitability
targets and risk exposure levels. Financial risks are those derived from financial instruments the Company is exposed to during or at
the closing of each fiscal year. The Company uses derivative instruments to hedge certain risks when it deems it necessary according
to its risk management internal policies.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial
risk management is controlled by the Financial Department, which identifies, evaluates and covers financial risks. Risk management systems
and policies are reviewed on a regular basis to reflect changes in market conditions and the Company&#8217;s activities, and have been
applied consistently during the periods included in these Consolidated Financial Statements. This section includes a description of the
main risks and uncertainties which may adversely affect the Company&#8217;s strategy, performance, operational results and financial
position.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify; text-indent: -0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>6.2.1.1
Market risks</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.2.1.1.1
Foreign exchange risk</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s results of operations and financial position are exposed to changes in the exchange rate between the Company&#8217;s
functional currency, which is the U.S. dollar and other currencies, primarily with respect to the Argentine peso (which is the legal
currency in Argentina). In some cases, the Company may use derivative financial instruments to mitigate the associated exchange rate
risk.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
fiscal year 2022, the U.S. dollar recorded an approximate 72.5% increase against the Argentine peso, from $ 102.72 in December 2021 to
$ 177.16 in December 2022, and taking into consideration that during the year the Company mostly had a net passive position in Argentine
pesos, as of December 31, 2022 the Company recorded net foreign exchange gain in the amount of US$ 80 million. Taking into account the
net passive financial position in Argentine pesos as of December 31, 2021, the Company estimates that provided all other variables remain
constant, a 10% revaluation/(devaluation) of U.S. dollar as compared to the Argentine peso would generate in absolute values a (decrease)/increase
of US$ 23 million in the 2022 fiscal year&#8217;s income, before income tax.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Group&acute;s exposure to other foreign currency movements is not material.</FONT></P>


<!-- Field: Page; Sequence: 105 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.2.1.1.2
Price risk</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s financial instruments are not significantly exposed to hydrocarbon international price risks because the current regulatory,
economic and governmental policies in force, prevent oil and gas domestic prices to be directly affected in the short-term due to variations
in the international market.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
the Company&#8217;s investments in financial assets classified as &#8220;at fair value through profit or loss&#8221; are sensitive to
the risk of changes in the market prices resulting from uncertainties as to the future value of such financial assets.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company estimates that provided all other variables remain constant, a 10% revaluation/(devaluation) of each market price would generate
the following increase/(decrease) in the fiscal year&#8217;s income, before income tax in relation to financial assets at fair value
through profit and loss detailed in Note 12.2 to these Consolidated Financial Statements:</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Increase of the result for the year</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 54%">Financial assets</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">19</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">15</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Government securities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white">Corporate Bonds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Mutual funds</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Variation of the result of the year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">62</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">49</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.2.1.1.3
Cash flow and fair value interest rate risk</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
management of the interest rate risk seeks to reduce financial costs and limit the Company&#8217;s exposure to interest rate increases.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indebtedness
at variable rates exposes the Company to the interest rate risk on its cash flows due to the possible volatility they may experience.
Indebtedness at fixed rates exposes the Company to the interest rate risk on the fair value of its liabilities, since they may be considerably
higher than variable rates.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, 18% of the indebtedness was subject to variable interest rates. Furthermore, 52% of the Company&#8217;s debt accruing
variable interest rates is denominated in U.S. dollars, mainly at Libor and SOFR rate plus an applicable spread. Regarding the replacement
of the LIBOR reference interest rate effective from July 2023, the Company does not estimate any significant impacts on the current indebtedness
subject to such reference rate.</FONT></P>


<!-- Field: Page; Sequence: 106 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company seeks to mitigate its interest-rate risk exposure through the analysis and evaluation of: (i) the different liquidity sources
available in the financial and capital market, both domestic and (if available) international; (ii) interest rates alternatives (fixed
or variable), currencies and terms available for companies in a similar sector, industry and risk than the Company; (iii) the availability,
access and cost of interest-rate hedge agreements. On doing this, the Company evaluates the impact on profits or losses resulting from
each strategy over the obligations representing the main interest-bearing positions.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the case of fixed rates and in view of the market&#8217;s current conditions, the Company considers that the risk of a significant decrease
in interest rates is low and, therefore, does not foresee a substantial risk in its indebtedness at fixed rates.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the date of issuance of these Consolidated Financial Statements, the Company is not exposed to a significant risk of variable interest
rate increases since most of the financial debt is subject to fixed rate.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table shows the breakdown of the Company&#8217;s borrowings classified by interest rate and the currency in which they are
denominated:</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 12pt 0 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 54%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Fixed interest rate:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Argentine pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">57</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>U.S. dollar</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white">1,173</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,318</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Subtotal loans obtained at a fixed interest rate</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">1,230</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">1,329</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Floating interest rate:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Argentine pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">140</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>U.S. dollar</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">149</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">87</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Subtotal loans obtained at a floating interest rate</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">289</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">87</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Non interest accrued</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Argentine pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">22</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>U.S. dollar</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">72</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Subtotal loans no interest accrued</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">94</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total borrowings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">1,613</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">1,438</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 12pt 0 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Based
on the conducted simulations, and provided all other variables remain constant, a 10% increase/decrease in variable interest rates would
generate the following (decrease)/increase in the 2022 fiscal year's income, before income tax, of US$ 0.1 million.</FONT></P>


<!-- Field: Page; Sequence: 107 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify; text-indent: -0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>6.2.1.2
Credit risk</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company establishes individual credit limits according to the limits defined by the Board of Directors and approved by the Financial
Department based on internal or external ratings. The Company makes constant credit assessments on its customers&#8217; financial capacity,
which minimizes the potential risk for bad debt losses.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
credit risk represents the exposure to possible losses resulting from the breach by commercial or financial counterparties of their obligations
taken on with the Company. This risk stems mainly from economic and financial factors or a possible counterparty default.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
credit risk is associated with the Company&#8217;s commercial activity through customer trade receivables, as well as available funds
and deposits in banking and financial institutions.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company, in its ordinary course of business and in accordance with its credit policies, grants credits to a large customer base, mainly
large sectors of the industry, including petrochemical companies, natural gas distributors and electricity large users.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the Company&#8217;s short-term trade receivables totaled US$ 305 million. With the exception of CAMMESA, which
represents approximately 54% of such trade receivables, the Company does not have a significant credit risk concentration, as this exposure
is distributed among a large number of customers and other counterparties.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
impossibility by CAMMESA to pay these receivables may have a substantially adverse effect on cash income and, consequently, on the result
of operations and financial situation which, in turn, may adversely affect the Company&#8217;s repayment capacity.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
credit risk of liquid funds and other financial investments is limited since the counterparties are high credit quality banking institutions.
If there are no independent risk ratings, the Financial Department evaluates the customer&#8217;s creditworthiness, based on past experiences
and other factors.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company applies the simplified approach of IFRS 9 to measure the expected credit losses of trade receivables and other receivables in
accordance with the policy described in Note 4.10.4.</FONT></P>


<!-- Field: Page; Sequence: 108 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
expected credit loss on trade receivables and financial assets as of December 31, 2022, 2021 and 2020 amounts to US$ 1 million, US$ 1
million and US$ 12 million, respectively and was determined based on credit loss rates calculated for days past due detailed below:</FONT></P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white; width: 28%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">Undue</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">30 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">60 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">90 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">120 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">150 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">180 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">+ 180 days</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Generation</TD>
    <TD STYLE="text-align: center">0.08%</TD>
    <TD STYLE="text-align: center">0.26%</TD>
    <TD STYLE="text-align: center">2.54%</TD>
    <TD STYLE="text-align: center">7.11%</TD>
    <TD STYLE="text-align: center">14.37%</TD>
    <TD STYLE="text-align: center">21.39%</TD>
    <TD STYLE="text-align: center">27.22%</TD>
    <TD STYLE="text-align: center">33.01%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Oil and Gas</TD>
    <TD STYLE="text-align: center">0.18%</TD>
    <TD STYLE="text-align: center">0.48%</TD>
    <TD STYLE="text-align: center">13.24%</TD>
    <TD STYLE="text-align: center">31.50%</TD>
    <TD STYLE="text-align: center">32.01%</TD>
    <TD STYLE="text-align: center">32.09%</TD>
    <TD STYLE="text-align: center">32.31%</TD>
    <TD STYLE="text-align: center">32.38%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Petrochemicals</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Holding</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <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>
    <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">12.31.2021</TD>
    <TD STYLE="font-weight: bold; text-align: center">Undue</TD>
    <TD STYLE="font-weight: bold; text-align: center">30 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">60 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">90 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">120 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">150 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">180 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">+ 180 days</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Generation</TD>
    <TD STYLE="text-align: center">0.06%</TD>
    <TD STYLE="text-align: center">0.29%</TD>
    <TD STYLE="text-align: center">2.08%</TD>
    <TD STYLE="text-align: center">2.83%</TD>
    <TD STYLE="text-align: center">4.67%</TD>
    <TD STYLE="text-align: center">6.12%</TD>
    <TD STYLE="text-align: center">6.24%</TD>
    <TD STYLE="text-align: center">6.25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Oil and Gas</TD>
    <TD STYLE="text-align: center">0.04%</TD>
    <TD STYLE="text-align: center">0.17%</TD>
    <TD STYLE="text-align: center">0.77%</TD>
    <TD STYLE="text-align: center">2.72%</TD>
    <TD STYLE="text-align: center">6.88%</TD>
    <TD STYLE="text-align: center">19.88%</TD>
    <TD STYLE="text-align: center">21.97%</TD>
    <TD STYLE="text-align: center">15.89%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Petrochemicals</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.01%</TD>
    <TD STYLE="text-align: center">0.05%</TD>
    <TD STYLE="text-align: center">0.12%</TD>
    <TD STYLE="text-align: center">0.52%</TD>
    <TD STYLE="text-align: center">0.52%</TD>
    <TD STYLE="text-align: center">0.54%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Holding</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.01%</TD>
    <TD STYLE="text-align: center">0.05%</TD>
    <TD STYLE="text-align: center">0.12%</TD>
    <TD STYLE="text-align: center">0.52%</TD>
    <TD STYLE="text-align: center">0.52%</TD>
    <TD STYLE="text-align: center">0.54%</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">12.31.2020</TD>
    <TD STYLE="font-weight: bold; text-align: center">Undue</TD>
    <TD STYLE="font-weight: bold; text-align: center">30 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">60 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">90 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">120 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">150 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">180 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">+ 180 days</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Generation</TD>
    <TD STYLE="text-align: center">0.35%</TD>
    <TD STYLE="text-align: center">1.11%</TD>
    <TD STYLE="text-align: center">5.74%</TD>
    <TD STYLE="text-align: center">9.78%</TD>
    <TD STYLE="text-align: center">11.23%</TD>
    <TD STYLE="text-align: center">19.77%</TD>
    <TD STYLE="text-align: center">20.87%</TD>
    <TD STYLE="text-align: center">22.71%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Oil and Gas</TD>
    <TD STYLE="text-align: center">0.49%</TD>
    <TD STYLE="text-align: center">0.72%</TD>
    <TD STYLE="text-align: center">5.96%</TD>
    <TD STYLE="text-align: center">16.21%</TD>
    <TD STYLE="text-align: center">16.23%</TD>
    <TD STYLE="text-align: center">17.74%</TD>
    <TD STYLE="text-align: center">17.76%</TD>
    <TD STYLE="text-align: center">17.79%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Petrochemicals</TD>
    <TD STYLE="text-align: center">0.02%</TD>
    <TD STYLE="text-align: center">0.06%</TD>
    <TD STYLE="text-align: center">0.72%</TD>
    <TD STYLE="text-align: center">2.26%</TD>
    <TD STYLE="text-align: center">9.95%</TD>
    <TD STYLE="text-align: center">23.84%</TD>
    <TD STYLE="text-align: center">19.14%</TD>
    <TD STYLE="text-align: center">36.92%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Holding</TD>
    <TD STYLE="text-align: center">12.58%</TD>
    <TD STYLE="text-align: center">0.94%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
although cash, cash equivalents and financial assets are also subject to the impairment requirements of IFRS 9, the identified impairment
loss is immaterial.</FONT></P>


<!-- Field: Page; Sequence: 109 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Allowance
of impairment of financial assets and other credits evolution as of December 31, 2022, 2021 and 2020, is detailed in Note 12.3.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s maximum exposure to credit risk is based on the book value of each financial asset in the Consolidated Financial Statements.
On the basis of the change in an assumption, while holding all other assumptions constant, a 5% increase/(decrease) in the estimated
trade receivables&#8217; uncollectibility rate would result in US$ 0.3 million (decrease)/increase in 2022 fiscal year&#8217;s results,
before income tax.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify; text-indent: -0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>6.2.1.3
Liquidity risk</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
liquidity risk is associated with the Company&#8217;s capacity to finance its commitments and conduct its business plans with stable
financial sources, as well as with the indebtedness level and the financial debt maturities profile. The cash flow projection is made
by the Financial Department.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company Management supervises updated projections on liquidity requirements to guarantee the sufficiency of cash and liquid financial
instruments to meet operating and financing needs of the Company while keeping at all times a sufficient margin of unused credit facilities.
In this way, the aim is that the Company does not breach indebtedness levels or the Covenants, if applicable, of any credit facility.
Those projections take into consideration the Company&#8217;s debt financing plans, the meeting of the covenants and, if applicable,
the external regulatory or legal requirements such as, for example, restrictions on the use of foreign currency. Additionally, the Financial
Department regularly monitors the available credit for the Company, both in the local and international capital market as well as in
the banking sector.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Excess
cash and balances above working capital management requirements are managed by the Company&#8217;s Treasury Department, which invests
them in marketable securities, term deposits and mutual funds, selecting instruments having proper currencies and maturities, and an
adequate credit quality and liquidity to meet cash needs estimated in the previously indicated projections.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company keeps its sources of financing diversified between banks and the capital market, and it is exposed to the refinancing risk at
maturity.</FONT></P>

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


<!-- Field: Page; Sequence: 110 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
international instability resulting from the Russian invasion, added to the particular circumstances of the Argentine sovereign debt
renegotiation, has impacted the international financial markets, increasing the cost of access to finance for emerging markets in general,
and particularly for Argentina. As regards access to domestic financing, an increased liquidity in pesos and a reduced cost of financing
have been verified, especially in the very short term.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
these impacts may potentially affect the Company&#8217;s capacity to obtain financing for its operations in a timely manner and under
acceptable and efficient terms, costs and conditions in line with the Company&#8217;s business needs.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Furthermore,
the restrictions imposed by the BCRA (see Note 2.5) with the purpose of regulating inflows and outflows in the MLC and other new restrictions
which may be imposed in the future may affect the Company&#8217;s capacity to access the MLC to acquire the foreign currency necessary
to meet its financial obligations, such as debt principal and interest payments (including the CBs debt), and other additional payments
abroad, or otherwise affect the Company&#8217;s business and the results of its operations.</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
is worth highlighting that the Company currently has a strong level of liquidity that allows it to properly face such volatility.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
determination of the Company&#8217;s liquidity index for fiscal years ended December 31, 2022 and 2021 is detailed below:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 54%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Current assets</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,343</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,125</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Current liabilities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">631</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">342</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Liquidity ratio</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">2.13</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">3.29</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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


<!-- Field: Page; Sequence: 111 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table includes an analysis of the Company trade receivables, other receivables and financial liabilities, grouped according
to their maturity dates and considering the period remaining until their contractual maturity date from the date of the Consolidated
Financial Statements. Derivative financial liabilities are included in the analysis if their contractual maturities are essential for
the understanding of the cash flow calendar. The amounts shown in the table are the contractual undiscounted cash flows.</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; width: 44%">As of December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Trade and
    other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Trade and
    other payables <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Borrowings</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Less than three months</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">412</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">231</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">118</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Three months to one year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">19</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">50</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">304</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>One to two years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">357</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Two to five years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">992</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>More than five years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">332</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>No set maturity term</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">41</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">490</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">302</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,103</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left">As of December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade and
    other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade and other payables
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Borrowings</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Less than three months</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">304</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">178</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">56</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Three months to one year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">61</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">102</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>One to two years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">6</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">557</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Two to five years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">18</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">256</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>More than five years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>No set maturity term</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">42</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">431</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">194</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,996</TD></TR>
  </TABLE>

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

<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)
</SUP>Includes Lease Liabilities (see Note 19).</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.3<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Capital risk management</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
aims of managing capital are to safeguard its capacity to continue operating as an on-going business with the purpose of generating return
for its shareholders and benefits to other stakeholders, and keeping an optimal capital structure to reduce the cost of capital.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
keep or adjust its capital structure, the Company may adjust the amount of the dividends paid to its shareholders, reimburse capital
to its shareholders, issue new shares, conduct stock repurchase programs or sell assets to reduce its debt.</FONT></P>


<!-- Field: Page; Sequence: 112 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
line with industry practices, the Company monitors its capital based on the leverage ratio. This ratio is calculated by dividing the
net debt by the total capital. The net debt equals the total indebtedness (including current and non-current indebtedness) minus cash
and cash equivalents and current financial assets at fair value through profit and loss. The total capital corresponds to the shareholders&#8217;
equity as shown in the statement of financial position, plus the net debt.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial
leverage ratios as at December 31, 2022 and 2021 were as follows:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; width: 54%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Total borrowings</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,613</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,438</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Less: cash and cash equivalents, and financial assets at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">(692)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">(568)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Net debt</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">921</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">870</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Total capital</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,198</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,655</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Leverage ratio</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">28.80%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">32.77%</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
7</U>: SEGMENT INFORMATION</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Through
its own activities, subsidiaries and share holdings in joint ventures, and based on the business nature, customer portfolio and risks
involved, the following business segments have been identified:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Electricity
Generation</B>, principally consisting of the Company&#8217;s direct and indirect interests in HINISA, HIDISA, Greenwind, VAR, CTB, TMB,
TJSM and through its own electricity generation activities through thermal plants G&uuml;emes, Piedra Buena, Piquirenda, Loma de la Lata,
Genelba and Ecoenerg&iacute;a, Pilar, I. White, the Pichi Pic&uacute;n Leuf&uacute; hydroelectric complex and PEPE II, PEPE III and PEPE
IV wind farms. It is worth highlighting that the results of the segment&#8217;s operations reflect the effects of the consolidation with
Greenwind and VAR as from August 12, 2022 and December 16, 2022, respectively; see Note 5.1.3 and Note 5.1.5.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Electricity
Distribution</B>, consisting of the Company&#8217;s direct interest in Edenor until its disposal. As of December, 31, 2021 and 2020,
the Company has classified the <FONT STYLE="color: #222222">results corresponding to the divestment mentioned in Note 5.1.1 as discontinued
operations</FONT>.</FONT></P>

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Holding
and Other Business</B>, principally consisting of interests in joint businesses CITELEC and CIESA and their respective subsidiaries,
which hold the concession over the high voltage electricity transmission nationwide and over gas transportation in the South of the country,
respectively, interests in the associates OCP and Refinor (until its divestment detailed in Note 5.1.2), holding activities and financial
investment transactions.</FONT></P>

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

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


<!-- Field: Page; Sequence: 113 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; text-align: center">in million of US$</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; width: 44%">Consolidated profit and loss information for the year ended December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Generation</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Petrochemicals</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Consolidated</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Revenue - local market</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">663</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">370</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">425</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,478</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Revenue - foreign market</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">159</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">192</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">351</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Intersegment revenue</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">117</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(117)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Cost of sales</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(370)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(359)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(536)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">117</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,148)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom">Gross profit</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">293</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">287</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">81</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">20</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">681</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Selling expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(36)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(17)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(56)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Administrative expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(39)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(60)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(34)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(138)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Other operating income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">25</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">61</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">44</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">131</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Other operating expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(26)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(9)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(46)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(30)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(38)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Impairment of financial assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(8)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Share of profit from associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">65</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">40</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">105</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom">Operating income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">336</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">194</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">52</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">49</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">631</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Financial income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Financial costs</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(82)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(107)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(36)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(221)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Other financial results</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">72</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(28)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">116</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">166</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Financial results, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(9)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(133)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">89</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(50)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom">Profit before income tax</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">327</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">61</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">55</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">138</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">581</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Income tax</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(73)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(16)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(20)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(124)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: middle">Profit of the year</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">254</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">45</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">40</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">118</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">457</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Depreciation and amortization</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">82</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">125</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">212</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/1pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/1pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>


<!-- Field: Page; Sequence: 114 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">in million of US$</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; width: 44%">Consolidated profit and loss information for the year ended December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Generation</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Petrochemicals</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Consolidated</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: middle">Total profit of the year attributable to:</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Owners of the company</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">253</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">45</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">40</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">118</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">456</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Non-controlling interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid">Consolidated financial position information as of December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Assets</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,464</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,234</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">177</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,029</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(162)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,742</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Liabilities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">979</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,248</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">147</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">245</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(161)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,458</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Net book values of property, plant and equipment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,299</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">807</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">34</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,164</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid">Additional consolidated information as of December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Increases in property, plant and equipment, intangible assets and right-of-use assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">115</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">324</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">482</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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


<!-- Field: Page; Sequence: 115 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="13" STYLE="text-align: center; border-bottom: Black 0.5pt solid">in million of US$</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 42%">Consolidated profit and loss information for the year ended December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Generation</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Distribution<BR>
of energy</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Revenue - local market</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">656</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">282</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">310</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,270</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Revenue - foreign market</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">58</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">180</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">238</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Intersegment revenue</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">113</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(113)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(355)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(289)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(424)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">113</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(955)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Gross profit</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">301</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">164</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">66</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">22</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">553</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(18)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(33)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(31)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(46)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(18)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(99)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">58</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">105</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(28)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(22)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(58)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Impairment of intangible assets and inventories</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">47</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">70</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">117</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Operating income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">350</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">130</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">45</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">54</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">579</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(46)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(103)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(34)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(185)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other financial results</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(16)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Financial results, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(56)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(116)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(5)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(12)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(189)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Profit before income tax</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">294</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">14</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">40</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">42</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">390</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(75)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(12)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(77)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Profit of the year from continuing operations</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">219</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">22</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">28</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">44</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">313</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Loss of the year from discontinued operations</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(75)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(75)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Profit (Loss) of the year</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">219</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(75)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">22</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">28</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">44</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">238</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Depreciation and amortization</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">88</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">114</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">205</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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


<!-- Field: Page; Sequence: 116 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="text-align: center; border-bottom: Black 0.5pt solid; background-color: white">in million of US$</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 42%">Consolidated profit and loss information for the year ended December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Generation</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Distribution<BR>
of energy</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total profit (loss) of the year attributable to:</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Owners of the company</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">218</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(39)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">44</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">273</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Non-controlling interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(36)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(35)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">Consolidated financial position information as of December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Assets</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,670</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,157</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">176</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,067</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(209)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,861</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Liabilities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">525</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,324</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">166</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">264</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(209)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,070</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Net book values of property, plant and equipment</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">969</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">636</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">22</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">32</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,659</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom">Additional consolidated information as of December 31, 2021</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Increases in property, plant and equipment, intangible assets and right-of-use assets</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">39</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">213</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">264</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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

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


<!-- Field: Page; Sequence: 117 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="13" STYLE="text-align: center; border-bottom: Black 0.5pt solid">in million of US$</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; width: 42%">Consolidated profit and loss information for the year ended December 31, 2020</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Generation</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Distribution<BR>
of energy</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Consolidated</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Revenue - local market</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">559</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">199</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">178</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">20</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">956</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Revenue - foreign market</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">28</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">89</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">117</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Intersegment revenue</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">67</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(67)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Cost of sales</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(254)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(243)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(233)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">67</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(663)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-align: left">Gross profit</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">305</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">51</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">34</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">20</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">410</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Selling expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(15)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(9)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(26)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Administrative expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(30)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(42)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(18)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(93)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Other operating income</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">35</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">7</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">51</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Other operating expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(6)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(17)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(6)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(7)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(36)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(128)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(139)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Impairment of financial assets</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(13)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(9)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Share of profit from associates and joint ventures</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">67</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">18</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">85</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-align: left">Operating income (loss)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">241</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(27)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">23</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">243</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Financial income</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">7</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Financial costs</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(73)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(100)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(177)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Other financial results</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">44</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">34</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">84</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Financial results, net</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(69)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(49)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">32</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(84)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-align: left">Profit (loss) before income tax</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">172</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(76)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">8</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">55</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">159</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Income tax</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(33)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">23</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(23)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(35)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-align: left">Profit (loss) of the year from continuing operations</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">139</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(53)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">32</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">124</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Loss of the year from discontinued operations</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(592)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(592)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-align: left">Profit (loss) of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">139</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(592)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(53)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">32</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(468)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Depreciation and amortization</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">95</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">81</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">108</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">286</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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


<!-- Field: Page; Sequence: 118 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="text-align: center; border-bottom: Black 0.5pt solid; background-color: white">in million of US$</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 42%">Consolidated profit and loss information for the year ended December 31, 2020</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Generation</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Distribution<BR>
of energy</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total profit (loss) of the year attributable to:</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Owners of the company</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">147</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(499)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(53)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">32</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(367)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Non-controlling interest</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(8)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(93)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(101)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">Consolidated financial position information as of December 31, 2020</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,595</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,356</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,085</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">107</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">832</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(85)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,890</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Liabilities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">707</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,021</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,174</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">126</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">178</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(85)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,121</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Net book values of property, plant and equipment</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,015</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">543</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">33</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,610</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left; background-color: white">Additional consolidated information as of December 31, 2020</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Increases in property, plant and equipment and right-of-use assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">61</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">135</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">41</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">3</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">242</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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

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

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


<!-- Field: Page; Sequence: 119 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
8</U>: REVENUE</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify; background-color: white; width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2022</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Energy sales in Spot Market</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">210</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">167</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">179</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Energy sales by supply contracts</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">346</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">380</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">323</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Fuel supply</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">103</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">104</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">54</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Generation sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">663</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">656</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">559</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Gas sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">383</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">231</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">152</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Oil sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">136</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">99</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">65</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Oil and gas sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">529</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">340</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">227</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Products from catalytic reforming sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">270</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">185</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">98</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Styrene sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">96</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">84</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Synthetic rubber sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">106</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">99</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">49</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Polystyrene sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">141</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">119</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">71</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Petrochemicals sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">617</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">490</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">267</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Technical assistance and administration services sales</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Other</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Holding and others subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">20</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">22</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">20</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total revenue</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">1,829</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,508</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,073</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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


<!-- Field: Page; Sequence: 120 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
9</U>: COST OF SALES</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white; width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Inventories at the beginning of the year</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">155</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">116</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">153</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Plus: Charges of the year</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Purchases of inventories, energy and gas&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">502</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">433</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">153</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Salaries and social security charges</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">79</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">59</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">51</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Employees benefits</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Accrual of defined benefit plans</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Works contracts, fees and compensation for services</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">87</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">68</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">55</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Property, plant and equipment depreciation</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">202</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">194</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">194</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Intangible assets amortization</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Right-of-use assets amortization</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Energy transportation</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Transportation and freights</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">35</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">22</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Consumption of materials</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Penalties</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Maintenance</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">61</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">52</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Canons and royalties</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">89</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">65</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">42</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Environmental control</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Rental and insurance</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">31</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">27</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Surveillance and security</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Taxes, rates and contributions</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Other</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">6</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total charges of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,166</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">994</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">618</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Exchange differences on translation</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Less: Inventories at the end of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(173)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(155)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(116)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total cost of sales</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,148</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">955</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">663</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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

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

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


<!-- Field: Page; Sequence: 121 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
10</U>: OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME</FONT></P>

<P STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1
Selling expenses</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 48%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 14%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Salaries and social security charges</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Employees benefits</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Compensation agreements&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Fees and compensation for services</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Taxes, rates and contributions</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">14</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Transportation and freights</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">31</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">14</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total selling expenses</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">56</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">33</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">26</TD></TR>
  </TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.2<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;
</FONT>Administrative expenses</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 14%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 14%">12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 14%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Salaries and social security charges</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">50</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">34</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">34</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Employees benefits</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">8</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Accrual of defined benefit plans</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">9</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Fees and compensation for services</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">30</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Compensation agreements</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">19</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Directors' and Sindycs' fees&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">7</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Property, plant and equipment depreciation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Maintenance</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Transport and per diem</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Rental and insurance</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Surveillance and security</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Taxes, rates and contributions</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Communications</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total administrative expenses</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">138</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">99</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">93</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 122 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.3</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other operating
                                            income and expenses</FONT></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; width: 47%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Note</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2021</TD>
    <TD STYLE="background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Other operating income</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Insurance recovery</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">3</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Services provided to third parties</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from property, plant and equipment sale</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Result from intangible assets sale</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Dividends received</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Contingencies recovery</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">13</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Tax charges recovery</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Contractual penalty</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">7</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle">Commercial interests</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Argentine Natural Gas Production Promotion Plan</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">56</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">51</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Compensation for arbitration award</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">15.6</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">37</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle">Other</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total other operating income</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">131</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">105</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">51</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; background-color: white">Other operating expenses</TD>
    <TD STYLE="color: white; text-decoration: underline; vertical-align: bottom; background-color: white"><U>&nbsp;</U></TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Provision for contingencies</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(4)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(16)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(7)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Provision for environmental remediation</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(15)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Derecognition of property, plant and equipment&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Tax on bank transactions&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(14)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(13)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(11)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Donations and contributions</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(2)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(3)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Institutional promotion</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(3)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(2)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle">Readjustment of investment plan <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(9)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Royalties of Argentine Natural Gas Production Promotion Plan</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(8)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Other</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(6)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(4)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(12)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total other operating expenses</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(46)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(58)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(36)</TD></TR>
  </TABLE>

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

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)
</SUP>Corresponding to the investment plan&#8217;s readjustment bond at the Sierra Chata block (see Note 17.2).</FONT></P>

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


<!-- Field: Page; Sequence: 123 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.4</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial
                                            results</B></FONT></TD></TR></TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; width: 17%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 15%"></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 15%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 4%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2021</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2020</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Financial income</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: white">Financial interest&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Other interest</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">4</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total financial income</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">5</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">10</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">9</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Financial costs</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&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></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: white">Financial interests <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(172)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(137)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(164)</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: white">Commercial interests</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: white">Fiscal interests</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(38)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(38)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: white">Other interests</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; background-color: white">Bank and other financial expenses</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total financial costs</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(221)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(185)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(177)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Other financial results</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; background-color: white">Foreign currency exchange difference, net</TD>
    <TD STYLE="vertical-align: middle; text-align: right">80</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; background-color: white">Changes in the fair value of financial instruments</TD>
    <TD STYLE="vertical-align: middle; text-align: right">110</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; background-color: white">Result from present value measurement</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; background-color: white">Result from exchange of corporate bonds</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; background-color: white">Result from repurchase of corporate bonds</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">38</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: white">Other financial results</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total other financial results</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">166</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(14)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">84</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total financial results, net</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">(50)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">(189)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">(84)</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net
                                            of US$ 11 million and US$ 10 million capitalized in property, plant and equipment for the
                                            years ended December 31, 2022 and 2020, respectively. There are no capitalized financial
                                            costs in the fiscal year ended December 31, 2021.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 124 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.5<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT>Income tax</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The breakdown
of income tax charge is:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2021</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Current tax&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">99</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">67</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Deferred tax&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">46</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Difference between previous fiscal year income tax provision and the income tax statement</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(21)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Total&nbsp;&nbsp;income tax -&nbsp;&nbsp;Loss</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">124</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">77</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">35</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2021</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Profit before income tax</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">581</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">390</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">159</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Current income tax rate</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">35%</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">35%</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">30%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax at the statutary tax rate</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">203</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">138</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">48</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Share of profit from companies</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(37)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(40)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(26)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Non-taxable results</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(3)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Effects of exchange differences and other results associated with the valuation of the currency, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">275</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">79</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">88</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Effects of valuation of property, plant and equipment, intangible assets and financial assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(575)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(269)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(156)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Effect of change in tax rate&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(6)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">19</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Effect for tax inflation adjustment</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">253</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">169</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">74</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Unrecognized deferred assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Difference between previous fiscal year income tax provision and the income tax statement</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Non-deductible cost</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">4</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Impairment on deferred tax assets</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Total&nbsp;&nbsp;income tax -&nbsp;&nbsp;Loss</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">124</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">77</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">35</TD></TR>
  </TABLE>

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

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

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

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


<!-- Field: Page; Sequence: 125 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
11</U>: NON-FINANCIAL ASSETS AND LIABILITIES</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 28pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.1</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Property, plant
                                            and equipment</FONT></TD></TR></TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Original values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 30%">Type of good</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">At the beginning&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Increases
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 9%">Increases
    for <BR>
    incorporation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 8%">Transfers</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 9%">Decreases</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 9%">Impairment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 9%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">At the end&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Lands</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">14</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Buildings</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">140</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">3</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">143</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Equipment and machinery</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,458</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">291</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">163</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,916</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Wells</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">867</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">9</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">145</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(28)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">992</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Mining property</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">253</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(72)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">181</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Vehicles</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">10</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Furniture and fixtures and software equipment</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">55</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">59</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Communication equipments</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Materials, spare parts and tools</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">30</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">43</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(37)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">36</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Petrochemical industrial complex</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">23</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">6</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">29</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Work in progress</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">135</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">352</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(233)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">254</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Advances to suppliers</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">52</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">37</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(46)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">43</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; background-color: white">Other goods</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2022</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,040</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">450</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">295</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(2)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(100)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,683</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2021</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">2,792</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">253</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(5)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">3,040</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: #222222">Includes
                                            US$ 11 million corresponding to capitalized financial costs in the fiscal year ended December
                                            31, 2022. There are no capitalized financial costs in the fiscal year ended December 31,
                                            2021.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See
                                            Notes 5.1.3 and 5.1.5.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 126 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Depreciation</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Net book values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 30%">Type of good</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">At the beginning&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Decreases&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">For the year</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Impairment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 9%">At the end</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 9%">At 12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 9%">At 12.31.2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Lands</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">14</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Buildings</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(68)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(8)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(76)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">67</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">72</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Equipment and machinery</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(536)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(103)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(639)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,277</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">922</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Wells</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(532)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(77)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">20</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(589)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">403</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">335</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Mining property</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(174)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(10)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">50</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(134)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">47</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">79</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Vehicles</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(7)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(8)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Furniture and fixtures and software equipment</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(48)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(4)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(52)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">7</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">7</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Communication equipments</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Materials, spare parts and tools</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">33</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">27</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Petrochemical industrial complex</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(12)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(17)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">12</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Work in progress</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">254</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">135</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Advances to suppliers</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">43</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">52</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; background-color: white">Other goods</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">3</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2022</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,381)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(208)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">70</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(1,519)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2,164</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2021</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(1,182)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(199)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(1,381)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,659</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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


<!-- Field: Page; Sequence: 127 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.1.1
<U>Impairment of Property, plant and equipment</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company regularly monitors the existence of events or changes in circumstances which may indicate that the book value of property, plant
and equipment may not be recoverable in accordance with the policy described in Notes 4.9 and 6.1.1.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the Power Generation segment, in May 2021 spot market prices were modified by SE Resolution No. 440/21, which, although providing for
a 29% increase in remuneration, permanently abrogated the application of the automatic adjustment mechanism, with an impact on the expected
revenues update schedule (see Note 2.1). It is worth highlighting that the most significant share of revenues in the Power Generation
segment comes from energy remunerated under a differential scheme (that is, supply agreements with large users in the MATER, Energy Plus
or supply agreements entered into with CAMMESA), which have not been affected by the previously mentioned regulation.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
view of the above-mentioned indications, the Company determined the recoverable value of the CGUs that make up the Power Generation segment
as of June 30, 2021. As of December 31, 2021 and 2022, the Company did not identify additional indications that could impact the assumptions
considered in the aforementioned assessments.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of June 30, 2022, due to Company&#8217;s strategic reasons and aiming to focus its investments in the development and exploitation of
its unconventional gas reserves, and also in line with the Rinc&oacute;n del Mangrullo block&#8217;s Joint Venture members&#8217; strategy,
future drilling and workover activities were rescheduled for the next few years, which involves a 2.7 MMBoe recategorization of reserves
to contingent resources.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
view of the above-mentioned indications of impairment, the Company has determined the recoverable amount of the CGU Rinc&oacute;n del
Mangrullo making up the Oil &amp; Gas segment as of June 30, 2022. As of December 31, 2022, the Company did not identify additional indications
that could impact the assumptions considered in the aforementioned assessment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
methodology used in the estimation of the recoverable amount consisted on calculating each CGU value in use on the present value of future
net cash flows expected to be generated by the CGU, discounted with a rate reflecting the weighted average costs of the invested capital.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
flows were prepared based on estimates on the future behavior of certain variables that are sensitive in the determination of the value
in use, including the following: (i) reference prices for products; (ii) demand projections per type of product; (iii) costs evolution;
and; (iv) macroeconomic variables such as inflation and exchange rates, etc.</FONT></P>


<!-- Field: Page; Sequence: 128 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>11.1.1.1
Generation segment</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of June 30, 2021, the value of the assets in the Power Generation segment does not exceed its recoverable amount, therefore, the Company
has not recorded any impairment losses.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
projections used in the calculation of the recoverable amount of the CGUs of the Power Generation segment take into consideration 2 scenarios
that weigh: i) the annual price update, ranging between 80% and 100% compared to the annual inflation; ii) the regularization of the
financing term granted to CAMMESA in 2022/2023 and iii) a 10.3% WACC rate after taxes.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>11.1.1.2
Oil &amp; Gas segment</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of June 30, 2022, the recoverability assessment of the Rinc&oacute;n del Mangrullo CGU in the Oil and Gas segment has resulted in the
recognition of impairment losses for US$ 30 million.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
key assumptions used to calculate the recoverable amount considered: i) the reprogramming of drilling and workover activities and ii)
a 12.4% after-tax WACC rate.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
it is important to highlight that as of December 31, 2022 and 2021, the book value of the Oil and gas segment assets, including the goodwill
assigned to the segment, does not exceed its recoverable value.</FONT></P>

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

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


<!-- Field: Page; Sequence: 129 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.2</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Intangible
                                            assets</B></FONT></TD></TR></TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="12" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Original values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 33%">Type of good</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 10%">At the beginning</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 10%">Increases</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 10%">Increases for <BR>
incorporation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 10%">Decreases</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 10%">Impairment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 10%">At the end</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Concession agreements</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Goodwill</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">35</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">94</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">101</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Digital assets</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">31</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(18)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(6)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">7</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2022</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">31</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">94</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(18)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(6)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">145</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2021</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(4)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(18)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">44</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Amortization</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">Type of good</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">At the beginning</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">For the year</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white">Impairment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white">At the end</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Concession agreements</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(2)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2022</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(7)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2021</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(21)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(1)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">16</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(6)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Net book values</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Type of good</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At 12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At 12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Goodwill</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">96</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Digital assets</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2022</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 11pt/50% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 111.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See
                                            Notes 5.1.3 and 5.1.5.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">As
                                            of December 31, 2022, digital assets recoverability was affected by their closing market
                                            value, resulted in the recognition of impairment losses for US$ 6 million. Considering the
                                            assumptions detailed in Note 11.1, the assessment of recoverability for the Power Generation
                                            segment, resulted in the recognition of impairment losses for the Diamante hydroelectric
                                            power plant in an amount of US$ 2 million in 2021. </FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 130 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.3</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Deferred
                                            tax assets and liabilities</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
composition of the deferred tax assets and liabilities is as follows:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 42%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 13%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 13%">Profit (loss)</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Increases for incorporation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.6pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 13%">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Tax loss carryforwards</TD>
    <TD STYLE="text-align: right; background-color: white">13</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">6</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Property, plant and equipment</TD>
    <TD STYLE="text-align: right; background-color: white">80</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">71</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">151</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="text-align: right; background-color: white">3</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Trade and other receivables</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Provisions</TD>
    <TD STYLE="text-align: right; background-color: white">57</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">59</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Defined benefit plans</TD>
    <TD STYLE="text-align: right; background-color: white">9</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Other</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Deferred tax asset</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">167</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">76</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">243</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(79)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(79)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Intangible assets</TD>
    <TD STYLE="text-align: right; background-color: white">(13)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(22)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(35)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Investments in companies</TD>
    <TD STYLE="text-align: right; background-color: white">(11)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">3</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(8)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Inventories</TD>
    <TD STYLE="text-align: right; background-color: white">(10)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(9)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(19)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="text-align: right; background-color: white">(14)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(15)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Trade and other receivables</TD>
    <TD STYLE="text-align: right; background-color: white">(31)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">8</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(23)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Taxes payables</TD>
    <TD STYLE="text-align: right; background-color: white">(3)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Tax inflation adjustment</TD>
    <TD STYLE="text-align: right; background-color: white">(1)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(124)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(13)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(138)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Deferred tax liability</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right; background-color: white">(83)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right; background-color: white">(122)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right; background-color: white">(114)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(319)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred tax (liability) asset</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">84</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(46)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(114)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(76)</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See
                                            Notes 5.1.3 and 5.1.5.</FONT></TD></TR></TABLE>

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

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


<!-- Field: Page; Sequence: 131 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 50%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 16%">12.31.2020</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 16%">Profit (loss) <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.6pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 16%">12.31.2021</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Tax loss carryforwards</TD>
    <TD STYLE="text-align: right">126</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(113)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Property, plant and equipment</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">80</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">80</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Intangible assets</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Trade and other receivables</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Provisions</TD>
    <TD STYLE="text-align: right">28</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">29</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">57</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Defined benefit plans</TD>
    <TD STYLE="text-align: right">5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Trade and other payables</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Tax inflation adjustment</TD>
    <TD STYLE="text-align: right">4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold">Deferred tax asset</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">178</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(11)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">167</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Intangible assets</TD>
    <TD STYLE="text-align: right">(11)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(13)</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Investments in companies</TD>
    <TD STYLE="text-align: right">(25)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">14</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(11)</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Inventories</TD>
    <TD STYLE="text-align: right">(6)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(10)</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(10)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(14)</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Trade and other receivables</TD>
    <TD STYLE="text-align: right">(7)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(24)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(31)</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Taxes payables</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Tax inflation adjustment</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold; text-align: left">Deferred tax liability</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">(71)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">(12)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(83)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Deferred tax asset (liability)</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">107</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(23)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">84</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: #222222">Includes
                                            US$ 13 million corresponding to discontinued operations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
tax assets and liabilities are offset in the following cases: a) when there is a legally enforceable right to offset tax assets and liabilities;
and b) when deferred income tax charges are associated with the same fiscal authority. The following table shows the figures disclosed
on the Consolidated Statement of Financial Position, which for its determination, were adequately compensated:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">12.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deferred tax asset</TD>
    <TD STYLE="text-align: right; background-color: white">36</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">84</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deferred tax liability</TD>
    <TD STYLE="text-align: right; background-color: white">(112)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred tax (liability) asset</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(76)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">84</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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


<!-- Field: Page; Sequence: 132 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.4</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Inventories</B></FONT></TD></TR></TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; background-color: white; width: 56%"><U></U></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Materials and spare parts</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">104</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">87</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Advances to suppliers</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">8</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">In process and finished products</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">61</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">60</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">173</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">155</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #222222"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">It
                                            includes impairment loss as a result of the performed recoverability assessment for US$ 2
                                            million as of December 31, 2022 and 2021, acoording with the policy described in Note 4.13.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.5</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Provisions</B></FONT></TD></TR></TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: left">Non-Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Contingencies</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">107</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">106</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Asset retirement obligation and wind turbines decommisioning</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">25</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Environmental remediation</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other provisions</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total Non-Current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">147</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">141</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Asset retirement obligation and wind turbines decommisioning</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Environmental remediation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total Current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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


<!-- Field: Page; Sequence: 133 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The evolution
of the provisions is set out below:</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Contingencies</TD>
    <TD STYLE="vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 14%">Asset retirement obligation and decommisioning&nbsp;&nbsp;of wind turbines</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>At the beginning of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">106</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">21</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">18</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">6</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases for incorporation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Decreases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Gain on monetary position, net</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Reversal of unused amounts</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">At the end of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">107</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">27</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">17</TD></TR>
  </TABLE>

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

<P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP>
See Note 5.1.3.</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Contingencies</TD>
    <TD STYLE="vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 14%">Asset retirement obligation and decommisioning&nbsp;&nbsp;of wind turbines</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>At the beginning of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">103</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">21</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">16</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Decreases</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Reversal of unused amounts <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(13)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">At the end of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">106</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">21</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">18</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)
</SUP>Includes recovery of US$ 12.5 million related to waive the timely granted dispatch of Las Armas Wind Farm (see Note 2.1.2.3).</FONT></P>


<!-- Field: Page; Sequence: 134 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Contingencies</TD>
    <TD STYLE="vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 14%">Asset retirement obligation and decommisioning&nbsp;&nbsp;of wind turbines</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>At the beginning of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">139</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">22</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">21</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Decreases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Gain on monetary position, net</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(15)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Reversal of unused amounts</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(8)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Reclassified to liabilities associated to assets classified as held for sale</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(33)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">At the end of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">103</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">21</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Provision
                                            for Environmental remediation</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company is subject to extensive environmental regulations in Argentina. The Company&#8217;s management believes that its current operations
are in compliance with applicable environmental requirements, as currently interpreted and enforced, including regulatory remediation
commitments assumed. The Company undertakes environmental impact studies for new projects and investments and, to date, environmental
requirements and restrictions imposed on these new projects have not had any material adverse impact on Pampa&#8217;s business.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
particular, the Province of La Pampa has submitted a claim to the Company regarding the abandonment of certain wells and the execution
of certain tasks associated with the relinquishment of the Jag&uuml;el de los Machos and Medanito blocks, which took place in 2015 and
2016, respectively. The Company has challenged the different administrative acts passed by the provincial authorities (including a governor&#8217;s
executive order) and is addressing claims for the Jag&uuml;el de los Machos block in the judicial jurisdiction. Even though the province
answered the complaint in the month of March 2021, the Company has started formal negotiations to resolve the dispute, agreeing on the
suspension of procedural time limits. During 2021, regarding these claims and based on the progress of the ongoing negotiations, the
Company recorded provisions for the estimate of remediation work costs to be incurred in these blocks.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company has performed a sensitivity analysis relating to the discount rate. The 1% increase or decrease in the discount rate would not
have a significant impact on the Company&#8217;s results of operations.</FONT></P>


<!-- Field: Page; Sequence: 135 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Asset
                                            retirement obligations and wind turbines decommissioning</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the regulations in force in Argentina, where it develops its oil and gas exploration and production operations, the Company is under
an obligation to incur costs associated with the plugging and abandonment of wells. Furthermore, pursuant to the associated usufruct
agreements, the Company is under an obligation to decommission wind turbines in wind farms. The Company does not have legally restricted
assets for the cancellation of these obligations.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company has performed a sensitivity analysis relating to the discount rate. The 1% increase or decrease in the discount rate would not
have a significant impact on the Company&#8217;s results of operations.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.5.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Provision
                                            for legal proceedings</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company (directly or indirectly through subsidiaries) is a party to several civil, commercial, contentious-administrative, tax, custom
and labor proceedings and claims that arise in the ordinary course of its business. In determining a proper level of provision, the Company
has considered its best estimate mainly with the assistance of legal and tax advisors.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
determination of estimates may change in the future due to new developments or unknown facts at the time of evaluation of the provision.
As a consequence, the adverse resolution of the evaluated proceedings and claims could exceed the established provision.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the Company has recorded provisions for US$ 102 million in relation to the following processes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">There
                                            are a significant number of files pending before the National Tax Court regarding gasoline
                                            exports, where the tax entity challenges the tariff heading assigned by Petrobras in 2008-2014.
                                            The Treasury&#8217;s position involves a higher export duty rate.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Petrobras
                                            Operaciones S.A. (&#8220;POSA&#8221;) has filed an international arbitration claim against
                                            the Company before the International Chamber of Commerce (&#8220;ICC&#8221;) on account of
                                            alleged breaches to the Assignment Agreement entered into between Petrobras Argentina S.A.
                                            (currently Pampa) and POSA in 2016 for the transfer of a 33.6% interest in the &#8220;R&iacute;o
                                            Neuqu&eacute;n&#8221; Concession. The breaches alleged by POSA in its arbitration claim consist
                                            of the failure to transfer certain assets associated with the assigned interest, and differences
                                            in the calculation of adjustments in the assignment price. The arbitration is conducted according
                                            to the ICC Rules of Arbitration, the applicable law is the one of the Republic of Argentina,
                                            and the seat of arbitration is Buenos Aires, Argentina. On April 30, 2021, POSA filed its
                                            claim memorial, and on September 15, 2021, the Company submitted its answer to the claim
                                            memorial and counterclaim. On December 15, 2021, POSA submitted its answer to the counterclaim.
                                            As of the date of issuance of these Consolidated Financial Statements, the proceeding pursues
                                            according the schedule decided by the parties.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 136 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Company filed an international arbitration claim against Petrobras International Braspetro
                                            B.V. (&#8220;PIB BV&#8221;) on account of fraudulent representations and omissions associated
                                            with certain export transactions under the share purchase agreement executed on May 13, 2016,
                                            whereby the Company acquired 67.2% of Petrobras Argentina S.A.&#8217;s capital stock. The
                                            arbitration is held under the ICC Arbitration Rules; the applicable law is the one of the
                                            State of New York, and the seat of arbitration is New York. On April 29, 2021, the Company
                                            filed its claim memorial and PIB BV submitted its counter-memorial and counterclaim seeking
                                            the payment of a percentage over the difference between the amount estimated for certain
                                            contingencies detected in the purchase process and the amount actually paid for them. On
                                            July 7, 2021, the Company and PIB BV submitted their respective answers. On November 5, 2021,
                                            the Company and PIB BV submitted their replications, and on December 20, 2021, their rejoinders
                                            to the complaints. As of the date of issuance of these Consolidated Financial Statements,
                                            the proceeding pursues according the schedule decided by the parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
the Company has recorded provisions for civil, commercial, administrative, labor, tax and customs complaints brought against the Company
corresponding to atomized claims with individual unsubstantial amounts, as well as charges for judicial costs and expenses which, as
of December 31, 2022, amount to US$ 5 million.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.6</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Income
                                            tax and minimum notional income tax liability</B></FONT></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Non-current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax, net of witholdings</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">161</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">158</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Minimum notional income tax</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">18</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total non-current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">179</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">188</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax, net of witholdings and advances</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">5</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">5</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">20</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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

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


<!-- Field: Page; Sequence: 137 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 12pt 0 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Income
tax liability</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
cumulative CPI variation over the 36&nbsp;months prior to December 31, 2022 and 2021 has exceeded the 100% condition established by Law
No. 27,430; therefore, the effect of the tax inflation adjustment has been accrued in the calculation of the current and deferred income
tax provision. Likewise, as of December 31, 2020, the cumulative variation in the CPI has exceeded the 15% condition set for the third
transition year pursuant to Law No. 27,430 and, therefore, the effect of the tax inflation adjustment has been accrued in the calculation
of the current and deferred income tax provision, except in the cases where, on account of being irregular fiscal years, the mentioned
legal parameter has not been exceeded for each of the annual periods.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
tax inflation adjustment mechanism set out in Title VI and different supplementary sections of the Income Tax Law is inconsistent in
certain aspects generating a confiscatory lien, including, but not limited to, the failure to update tax losses and the cost of acquisitions
or investments made before January 1, 2018, which bears resemblance with the parameters in re &#8220;Candy S.A.&#8221;, where the CSJN
ordered the application of the inflation adjustment mechanism.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the Company and its subsidiaries hold a provision for the additional income tax liabilities which should have been
assessed for the reasons mentioned above. The provision for the period, including compensatory interest, is disclosed under &#8220;Non-current
Income tax and minimum notional income tax provision&#8221;.</FONT></P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 12pt 0 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Minimum
Notional Income Tax liability</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company and its subsidiaries have filed a petition for declaratory relief under Sect. 322 of the Federal Code of Civil and Commercial
Procedure to gain assurance as to the application of the minimum notional income tax for the fiscal years 2011-2018 based on CSJN&#8217;s
decision in re &#8220;Hermitage&#8221; passed on June 15, 2010. In this established precedent, the CSJN declared the unconstitutionality
of this tax on the grounds that it is unreasonable and it breaches the taxpaying capacity principle when the absence of taxable income
in the period evidences that the income presumed by the legislator has not existed.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">However,
on August 26, 2021, the CSJN dismissed the tax refund claim lodged by the Company for the 2008 and 2009 periods alleging that, despite
the evidenced tax losses, the existence of accounting profits is a manifestation of the taxpaying capacity and, therefore, the precepts
of the Hermitage precedent are not met.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Considering
the CSJN&#8217;s current position, the Company and its subsidiaries have recorded, for periods presenting tax losses and accounting profits,
liabilities on the amount of the applicable interest on the Notional Income Tax, plus the determined tax provision for those cases in
which Minimum Notional Income Tax is not considered to be computable as an Income Tax advance payment. This liability is disclosed under
&#8220;Non-Current Income tax and minimum notional income tax provision&#8221;.</FONT></P>


<!-- Field: Page; Sequence: 138 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->131<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.7</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Tax
                                            liabilities</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Value added tax</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">5</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Personal assets tax provision&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">4</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Tax withholdings to be deposited</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">5</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Royalties</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">12</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">28</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">23</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.8</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Defined
                                            benefits plans</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
main characteristics of benefit plans granted to Company employees are detailed below:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Pension
                                            and retirement benefits</U>: Benefit plan whereby Company employees, in some cases covered
                                            by certain collective bargaining agreements, meeting certain conditions are eligible to receive
                                            upon retirement, and in some cases, disability or death, a certain number of salaries according
                                            to the provisions of the plan or collective bargain agreement, if applicable.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Compensatory
                                            plan:</U> Benefit plan whereby some of the Company employees meeting certain conditions are
                                            eligible to receive upon retirement a certain amount according to the provisions of the plan
                                            (based on the last computable salary and the number of years working for the Company) after
                                            deducting the benefits from the pension system. The plan, until 2003, called for a contribution
                                            to a fund exclusively by the Company and without any contribution by the employees. These
                                            contributions were derived to a trust fund and were invested in U.S. dollar-denominated money
                                            market instruments in order to preserve the accumulated capital and obtain a return in line
                                            with a moderate risk profile. Funds were mainly invested in U.S. government bonds, commercial
                                            papers rated A1 or P1, AAAm- rated mutual funds and time deposits in banks rated A+ or higher
                                            in the United States of America, in accordance with the Trust Agreement dated on March 27,
                                            2002 entered with The Bank of New York Mellon, duly amended by the Permitted Investment Letter
                                            dated on September 14, 2006. The Bank of New York Mellon is the trustee and Willis Towers
                                            Watson is the managing agent. In case there is an excess, duly certified by an independent
                                            actuary, of the funds to be used to settle the benefits granted by the plan, the Company
                                            will be entitled to choose to use it, in which case it may have to notify the trustee thereof.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 139 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->132<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, 2021 and 2020, the most relevant actuarial information corresponding to the described benefit plans is the following:</FONT></P>

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

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Present value of the obligation</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Present value of assets</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 16%">Net liability at the end of the year</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">At the beginning of the year</TD>
    <TD STYLE="text-align: right">33</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in profit or loss&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; background-color: white">Current services cost</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; background-color: white">Interest cost</TD>
    <TD STYLE="text-align: right">15</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in other comprehensive<BR>
&nbsp;income</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; background-color: white">Actuarial losses</TD>
    <TD STYLE="text-align: right">9</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Benefit payments</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">(Gain) Loss on monetary position, net</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(17)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">At the end of the year</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">38</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">34</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Present value of the obligation</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Present value of assets</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Net liability at the end of the year</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">At the beginning of the year</TD>
    <TD STYLE="text-align: right">25</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in profit or loss&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; background-color: white">Current services cost</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; background-color: white">Interest cost</TD>
    <TD STYLE="text-align: right">13</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in other comprehensive<BR>
&nbsp;income</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; background-color: white">Actuarial losses</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Benefit payments</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>(Gain) Loss on monetary position, net</TD>
    <TD STYLE="text-align: right">(5)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">At the end of the year</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">33</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">29</TD></TR>
  </TABLE>
<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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


<!-- Field: Page; Sequence: 140 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->133<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Present value of the obligation</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Present value of assets</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 16%">Net liability at the end of the year</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">At the beginning of the year</TD>
    <TD STYLE="text-align: right">36</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(5)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">31</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in profit or loss&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; background-color: white">Current services cost</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; background-color: white">Interest cost</TD>
    <TD STYLE="text-align: right">16</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in other comprehensive<BR>
&nbsp;income</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; background-color: white">Actuarial (gains) losses</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Benefit payments</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Reclasification liabilities associated to assets classified as held for sale</TD>
    <TD STYLE="text-align: right">(10)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(10)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>(Gain) Loss on monetary position, net</TD>
    <TD STYLE="text-align: right">(15)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(13)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">At the end of the year</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">25</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">21</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, 2021 and 2020, the breakdown of net liabilities per type of plan is as follows: a) US$ 17 million, US$ 15 million
and US$ 12 million correspond to the Pension and Retirement Benefits Plan and b) US$ 17 million, US$ 14 million and US$ 9 million correspond
to the Compensatory Plan, respectively.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Estimated
expected benefits payments for the next ten years are shown below. The amounts in the table represent the undiscounted cash flows and
therefore do not reconcile to the obligations recorded at the end of the year.</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 24px; font-weight: bold; text-align: left; width: 75%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right; width: 25%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Less than one year</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">One to two years</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Two to three years</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Three to four years</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Four to five years</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Six to ten years</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">14</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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


<!-- Field: Page; Sequence: 141 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->134<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Significant
actuarial assumptions used were as follows:</FONT></P>

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

<P STYLE="font: 9pt/116% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 16%">12.31.2022</TD>
    <TD STYLE="vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 16%">12.31.2021</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 16%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Real discount rate</TD>
    <TD STYLE="text-align: center">5%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Real wage increase rate</TD>
    <TD STYLE="text-align: center">1%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Inflation rate</TD>
    <TD STYLE="text-align: center">118%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">54%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">46%</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/116% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following sensitivity analysis shows the effect of a variation in the discount rate and salaries increase on the obligation amount:</FONT></P>

<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/116% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 75%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 25%">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Discount rate: 4%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Obligation</TD>
    <TD STYLE="text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Variation</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">9%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Discount rate: 6%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Obligation</TD>
    <TD STYLE="text-align: right">35</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Variation</TD>
    <TD STYLE="text-align: right">(3)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(8%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Real wage increase rate: 0%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Obligation</TD>
    <TD STYLE="text-align: right">37</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Variation</TD>
    <TD STYLE="text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(4%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Real wage increase rate: 2%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Obligation</TD>
    <TD STYLE="text-align: right">39</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Variation</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">4%</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/116% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely
to occur, and changes in some of the assumptions may be correlated. Therefore, the presented analysis may not be representative of the
actual change in the defined benefit obligation. The methods and types of assumptions used in preparing the sensitivity analysis did
not change compared to the prior period.</FONT></P>


<!-- Field: Page; Sequence: 142 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->135<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.9</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Salaries
                                            and social security payable</B></FONT></TD></TR></TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 18%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Salaries and social security contributions</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">5</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Provision for vacations</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">8</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Provision for gratifications and annual bonus for efficiency</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">19</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">32</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">28</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
12</U>: FINANCIAL ASSETS AND LIABILITIES</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.1<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;
</FONT>Financial assets at amortized cost</B></FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Non-current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Term deposit</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">101</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">100</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Notes receivable</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">102</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">105</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: left; background-color: white">Current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Notes receivable</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">8</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">8</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5</TD></TR>
  </TABLE>

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

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


<!-- Field: Page; Sequence: 143 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->136<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.2<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;
</FONT>Financial assets at fair value through profit and loss</B></FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Non-current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">27</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">29</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total non-current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">27</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">29</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Government securities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">279</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">278</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">116</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">160</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">120</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">31</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">41</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">586</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">458</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.3<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;
</FONT>Trade and other receivables</B></FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: left; background-color: white; width: 55%"><U></U></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Note</TD>
    <TD STYLE="text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2022</TD>
    <TD STYLE="text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Non-Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">17</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">23</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Tax credits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">20</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">34</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">20</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">34</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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


<!-- Field: Page; Sequence: 144 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->137<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Note</TD>
    <TD STYLE="vertical-align: top; text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2022</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2021</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Receivables from MAT sales</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">21</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">24</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">CAMMESA</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">165</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">89</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Receivables from oil and gas sales&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">55</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">69</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Receivables from petrochemicals sales</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">62</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">71</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">5</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(6)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(9)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Trade receivables, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">305</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">256</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Tax credits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">14</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Receivables for complementary activities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">14</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Financial credit</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Guarantee deposits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">27</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Insurance to be recovered</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Expenses to be recovered</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">15</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Receivables for acquisition of subsidiary</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Receivables for sale of subsidiary and associates</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">41</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Receivables for financial instruments sale</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Argentine Natural Gas Production Promotion Plan</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">32</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Receivables for arbitration award</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">15.6</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">37</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Other receivables, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">165</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">141</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right; background-color: white">470</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">397</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Due
to the short-term nature of trade and other receivables, its book value is not considered to differ from its fair value. For non-current
trade and other receivables, fair values do not significantly differ from book values.</FONT></P>


<!-- Field: Page; Sequence: 145 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->138<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
movements in the impairment of trade receivables were as follows:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white; width: 49%"><U></U></TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2022</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 12%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">9</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">68</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Impairment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">63</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Utilization</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Reversal of unused amounts</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Gain on monetary position, net</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Gain on monetary position, net</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(28)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Reclasified to assets classified as held for sale</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(75)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">At the end of the year</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">6</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">9</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">16</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">It
                                            includes US$ 26 million corresponding to discontinued operations for fiscal year 2020. As
                                            of December 31, 2020, it includes US$ 13 million corresponding to the receivable impairment
                                            related to the exchange difference between the price of gas purchased by distributors and
                                            the price of gas recognised in distributors&acute;s final tariffs between April 2018 and
                                            March 2019 to be assumed by the Federal Government in accordance to PEN Executive Order No.
                                            1,053/18 (see Note 15).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
movements in the impairment of other financial assets were as follows:</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white; width: 49%"><U></U></TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2022</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 12%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">At the beginning of the year</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Impairment&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Reversal of unused amounts</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Reclasified to assets classified as held for sale</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">At the end of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.4<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;
</FONT>Cash and cash equivalents</B></FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white; width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 12%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Banks</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">11</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">26</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">95</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">84</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">106</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">110</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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


<!-- Field: Page; Sequence: 146 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->139<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.5<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;
</FONT>Borrowings</B></FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2022</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Non-Current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Financial borrowings</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">108</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">58</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1,232</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,301</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">1,340</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,359</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Bank overdrafts</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">59</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Financial borrowings</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">51</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">29</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">163</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">39</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">273</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">79</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; background-color: white">1,613</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">1,438</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022 and 2021, the fair values of the Company&#8217;s Corporate Bonds amount approximately to US$ 1,435 million and US$
1,233 million, respectively. Such values were calculated on the basis of the determined market price of the Company&#8217;s CB at the
end of each year (fair value level 1).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
carrying amounts of short-term borrowings and bank overdrafts approximate their fair value due to their short-term maturity.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
long-term borrowings were measured at amortized cost, which does not differ significantly from its fair value.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the date of issuance of these Consolidated Financial Statements, the Company is in compliance with the covenants established in its
indebtedness contracts.</FONT></P>

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

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


<!-- Field: Page; Sequence: 147 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->140<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5.1
<U>Movements in borrowings</U>:</FONT></P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: left; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2022</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2021</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">At the beginning of the year</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1,438</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,614</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,947</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Proceeds from borrowings</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">308</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">188</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">353</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payment of borrowings</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(143)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(336)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(300)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Accrued interest</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">172</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">137</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">176</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payment of interests</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(162)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(140)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(201)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Repurchase and redemption of corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(28)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(3)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(155)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Result from exchange of corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">14</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Result from repurchase of corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(6)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(43)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increases for incorporation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">89</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Cancellation through dividend compensation</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(12)</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: middle">Gain on monetary position, net</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(43)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Foreign currency exchange difference, net</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(80)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(22)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(18)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Borrowing costs capitalized in property, plant and equipment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">11</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Reclassified to liabilities associated to assets classified as held for sale</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(100)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">At the end of the year</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,613</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,438</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,614</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)
</SUP>See Notes 5.1.3 and 5.1.5.</FONT></P>

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

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


<!-- Field: Page; Sequence: 148 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->141<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5.2
<U>Details of borrowings:</U></FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 26%">Type of instrument</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Company</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Currency</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Residual value</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Interest</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Rate</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Expiration</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 13%">Book value as of 12.31.2022</TD></TR>
  <TR STYLE="vertical-align: middle">
    <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>
    <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; 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>
    <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>
    <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>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold;"><U>Corporate bonds</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></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>
    <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>
    <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>
    <TD STYLE="vertical-align: bottom">T Series CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">93</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">7.38%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Jul-23</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">95</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 8 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Badlar + 2%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Jul-23</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 11 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">122</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Badlar + 0%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Jan-24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">140</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 9 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">102</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">9.50%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Dec-26</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">184</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 1 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">501</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">7.50%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Jan-27</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">616</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 13 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">49</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">0.00%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Dec-27</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">48</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 3 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">285</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">9.13%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Apr-29</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">292</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,395</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold"><U>Financial loans</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 700"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Libor + 4.21%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Nov-24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">GW</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">83</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Libor + 5.75%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Sep-26</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">85</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; text-align: right">101</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold;"><U>Other financial loans</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 700"><SUP>(3)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">SOFR + 0.35%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Jul-23</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">23</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Between 9.50% and 14.50%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Between Jan-23 and May-23</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">SOFR + 0%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Agu-24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">58</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold"><U>Bank overdrafts</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 700"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">57</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Between 54% and 54.50%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Jan-23</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">59</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">59</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,613</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net
                                            of the following face value repurchases: US$ 113.7 million of ON 2026, US$ 146.2 million of
                                            ON 2027 and US$ 7.5 million of ON 2029.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">During
                                            the the fiscal year ended December 31, 2022, the Company took on new short-term financing
                                            with domestic financial entities, net of cancellations, for a total $ 8,618 million and import
                                            prefinancing for US$ 7.6 million. Additionally, the Company repaid at maturity two principal
                                            installments for the credit facility sponsored by FINNVERA in the amount of US$ 7.7 million
                                            and US$ 10.4 million corresponding to the credit facility subscribed between IDB Invest and
                                            Greenwind, a Company that is consolidated since acquisition of an additional 50% interest
                                            in August 2022. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">During
                                            the fiscal year ended December 31, 2022, the Company received disbursements in the amount
                                            of US$ 1.3 million under the credit facilities taken out with BNP Paribas S.A. in 2020. After
                                            the fiscal year closing, the Company repaid short-term bank loans with local financial entities
                                            for $ 10,065 million and import prefinancing for US$ 0.7 million.</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 149 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->142<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 26%">Type of instrument</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Company</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Currency</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Residual value</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Interest</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Rate</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Expiration</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 13%">Book value as of 12.31.2021</TD></TR>
  <TR STYLE="vertical-align: middle">
    <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>
    <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; 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>
    <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>
    <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>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold;"><U>Corporate bonds</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></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>
    <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>
    <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>
    <TD STYLE="vertical-align: bottom">T Series CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">389</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">7.38%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;Jul-23</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">400</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 1 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">636</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">7.50%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Jan-27</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">648</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 3 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">293</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">9.13%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Apr-29</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">292</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,340</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-align: left"><U>Financial loans</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 700"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">US$</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">23</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Libor + 4.21%</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">May-24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">23</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold;"><U>Other financial loans</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 700"><SUP>(3)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">US$</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">22</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Libor + 0.35%</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Jul-22</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">US$</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">43</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Libor + 0%</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Aug-23</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">64</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold;"><U>Bank overdrafts</U></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">$</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">11</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">33.00%</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Jan-22</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,438</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net
                                            of the following face value repurchases: US$ 110,4 million of ON 2023, US$ 114,0 million
                                            of ON 2027 and US$ 7,5 million of ON 2029.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
September 27, 2021, the Company repaid at maturity Class 6 CBs for $ 6,355 million.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">During
                                            the fiscal year ended December 31, 2021, the Company canceled short-term financing with local
                                            financial entities, net of borrowings, for $ 8,158&nbsp;million. Additionally, the Company
                                            repaid at maturity two principal installments for the credit facility sponsored by FINNVERA
                                            in the amount of US$&nbsp;7.7 million.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(3)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">During
                                            the fiscal year ended December 31, 2021, the Company received disbursements in the amount
                                            of US$ 27 million under the credit facilities taken out with BNP in 2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -10.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 150 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->143<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5.3
<U>New Global Program of CB</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
September 30, 2021, the Company&#8217;s General Ordinary and Extraordinary Shareholders&#8217; Meeting resolved to approve the creation
of a new global corporate bonds program for an amount of up to US$&nbsp;2,000 million or its equivalent in other currencies or units
of value, in the form of simple corporate bonds non-convertible into shares and/or corporate bonds convertible into shares, to renew
the program expired on December 29, 2021. The public offering was authorized by the CNV on December 9, 2021.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5.4
<U>Issuance of CB Class 8</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
January 18, 2022, the Company issued Class 8 CB in the amount of $ 3,107 million at a Badlar rate + 2%, maturing in 18&nbsp;months. This
is the first green bond issued by Pampa, which reflects the commitment to finance projects with a positive impact on the environment
and to diversify the country&#8217;s energy generation matrix. The issue was recognised by Fix Ratings, an affiliate of Fitch Ratings,
with the rating of Green Bond (BV1), the best possible grade, since it is aligned with the four main components of ICMA&#8217;s (International
Capital Market Association) Green Bond Principles (GBP). It was issued in observance of the &#8220;Guidelines for the Issuance of Social,
Green and Sustainable Bonds in Argentina&#8221; of the CNV Rules and the provisions of BYMA&#8217;s Social, Green and Sustainable Guide
and the BYMA Rules, and also makes up BYMA&#8217;s Social, Green and Sustainable Bonds Panel.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company will allocate the issue&#8217;s proceeds to finance the expansion of PEPE IV (see Note 17.1).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5.5
<U>Issuance of Class 10, 11, 12, 13 and 15 CB</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
July 15, 2022, the Company issued Class 11 CB for $ 12,690 million, accruing interest at a variable BADLAR rate plus an annual 0% spread
and maturing on January 15, 2024. Class 10 and Class 12 CB were declared unawarded.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
on August 8, 2022 the Company reopened Class 11 CB for $ 8,963.9 million at an issuance price of 1.0305. The total face value of outstanding
Class 11 CB amounted to $ 21,654.6 million.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
on December 13, 2022, the Company issued Clase 13 US$-link CB for US$ 49.9 million at a fixed interest rate of 0% and maturing on December
2027.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">After
the closing of the fiscal year, on January 11, 2023, the Company issued Class 15 CB for $ 10,379 million accruing interest at a variable
BADLAR rate plus an annual 2% spread and maturing on July 11, 2024. Additionally, on March 2, 2023, the Company reopened Class 13 and
Class 15 CB for US$ 48.2 million and $ 7,885 million, respectively.</FONT></P>


<!-- Field: Page; Sequence: 151 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->144<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5.6
<U>Series T CB Exchange Offer</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 16, 2022, the Company launched an exchange offer for holders of Series T CB maturing in 2023 originally issued by Petrobras Argentina
S.A. (currently merged with the la Company) dated July 21, 2016 for a face value of US$ 500 million, under its Global Program authorized
pursuant to CNV Resolution No. 17,162 dated August 15, 2013.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Once
the exchange offer expired on July 29, 2022, the information and exchange agent informed the Company that US$ 193.8 million and US$ 213.3
million, representing 38.8% and 42.7% of the Series T CB&#8217; outstanding principal, had been validly tendered for exchange under Option
A and Option B, respectively, totaling a US$ 407.1 million participation and representing approximately 81.4% of the outstanding Series
T CB&#8217; capital amount.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consequently,
on August 8, 2022, after meeting the conditions established in the exchange offer documents, Pampa issued Class 9 CB for a face value
of US$ 292.8 million, accruing interest at an annual fixed 9.5% rate and maturing on December 8, 2026, payable in three consecutive annual
installments starting in 2024, and paid US$ 122.1 million in cash. For each US$ 1,000 of Series T CB&#8217;s capital amount validly tendered
and accepted for exchange, eligible holders received, together with the payment of interest accrued on Series T CB up to the settlement
date: (i) Option A: approximately US$ 377.2 in Class 9 CB and US$ 630.2 in cash; and (ii) Option B: US$ 1,030 in Class 9 CB.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
a result of the debt swap, the Company disclosed losses for US$ 14 million under &#8220;Other financial results&#8221; to reflect the
change in the payment estimates discounted at Series T CB&#8217;s original effective interest rate, since they were not deemed substantially
different from the issuance conditions for Class 9 CB, in accordance with IFRS.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the date of issuance of these Consolidated Financial Statements, outstanding Series T CB amount to US$ 92.9 million.</FONT></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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


<!-- Field: Page; Sequence: 152 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->145<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.6<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;
</FONT>Trade and other payables</B></FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Note</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 17%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 17%">12.31.2021</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-decoration: underline; text-align: left">Non-Current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Compensation agreements&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Finance leases liability</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">Other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">21</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">12</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">21</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right; background-color: white">12</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Suppliers</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">198</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">154</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Customer advances</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">15</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">Trade payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">215</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">173</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Compensation agreements&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Liability for acquisition of companies</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">46</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Finance leases liability</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">3</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">Other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">66</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">9</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">281</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">182</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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

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

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


<!-- Field: Page; Sequence: 153 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->146<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.7<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;
</FONT>Financial instruments by category</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table presents financial instruments by category:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 40%">As of December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Financial assets/liabilities at amortized cost</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Financial assets/liabilities at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Subtotal financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Non financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Trade receivables and other receivables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">437</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">22</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">459</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">31</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">490</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle">Financial assets at amortized cost</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Term deposit</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">101</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">101</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">101</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Notes receivable</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">9</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">9</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">9</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Government securities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">279</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">279</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">279</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">116</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">116</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">116</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">187</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">187</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">187</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">31</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">31</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">31</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">11</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">95</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">106</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">106</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">558</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">730</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,288</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">31</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,319</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Liabilities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Trade and other liabilities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">298</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">298</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">302</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Borrowings</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">1,613</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">1,613</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">1,613</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,911</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,913</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,917</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center">As of December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at amortized cost</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Subtotal financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Non financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Trade receivables and other receivables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">376</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">30</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">406</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">431</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle">Financial assets at amortized cost</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Term deposit</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Notes receivable</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD COLSPAN="2" STYLE="font-style: italic; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Government securities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">278</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">278</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">278</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">149</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">149</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">149</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">41</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">41</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">41</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">84</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">110</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">110</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">512</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">601</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,113</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">25</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,138</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Liabilities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Trade and other liabilities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">190</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">190</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">194</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Borrowings</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,438</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,438</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,438</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,628</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,628</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,632</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The categories
of financial instruments have been determined according to IFRS 9.</FONT></P>


<!-- Field: Page; Sequence: 154 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->147<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
income, expenses, gains and losses derived from each of the financial instrument categories are indicated below:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; width: 40%">As of December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Financial assets/liabilities at amortized cost</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Financial assets/liabilities at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Subtotal financial assets/liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Non Financial assets/ liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Total</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Interest income</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Interest expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(175)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(175)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(41)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(216)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Foreign currency exchange difference, net</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(85)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(69)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">149</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">80</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Changes in the fair value of financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">110</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">110</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">110</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from present value measurement</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Other financial results</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(170)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">25</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(145)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">95</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(50)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left">As of December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at amortized cost</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Subtotal financial assets/liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Non Financial assets/ liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Total</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Interest income</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">10</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">10</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Interest expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(138)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(138)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(40)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(178)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Foreign currency exchange difference, net</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(11)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(19)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(30)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">33</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Changes in the fair value of financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(15)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(15)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from present value measurement</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Other financial results</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(4)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(4)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(8)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(141)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(34)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(175)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(14)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(189)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left">As of December 31, 2020</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at amortized cost</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Subtotal financial assets/liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Non Financial assets/ liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Total</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Interest income</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">9</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Interest expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(164)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(164)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(170)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Foreign currency exchange difference, net</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">38</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(35)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Changes in the fair value of financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from present value measurement</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Other financial results</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(75)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(5)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(80)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(84)</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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


<!-- Field: Page; Sequence: 155 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->148<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.8<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;
</FONT>Fair value of financial Instruments</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company classifies the fair value measurements of financial instruments using a fair value hierarchy, which reflects the relevance of
the variables used to perform those measurements. The fair value hierarchy has the following levels:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Level
                                            1: quoted prices (not adjusted) for identical assets or liabilities in active markets.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Level
                                            2: data different from the quoted prices included in Level 1 observable for the asset or
                                            liability, either directly (i.e. prices) or indirectly (i.e. derived from prices).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Level
                                            3: Asset or liability data based on information that cannot be observed in the market (i.e.,
                                            unobservable data).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table shows the Company&#8217;s financial assets and liabilities measured at fair value as of December 31, 2022 and 2021:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; background-color: white; width: 44%">As of December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 1</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 2</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 3</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Financial assets at fair value through <BR>
profit and losss</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Government securities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">279</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">279</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">116</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">116</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">31</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">31</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">160</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">187</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">95</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">95</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Other receivables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">703</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">27</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">730</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Liabilities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">0</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total liabilities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; background-color: white">As of December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Level 1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Level 3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Total</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Assets</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom; background-color: white">Financial assets at fair value through<BR>
&nbsp;profit and losss</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Government securities</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">278</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">278</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">41</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">41</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">120</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">29</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">149</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom; background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">84</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">84</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total assets</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">572</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">29</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">601</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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


<!-- Field: Page; Sequence: 156 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->149<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
value of the financial instruments negotiated in active markets is based on the market quoted prices as of the date of these Consolidated
Financial Statements. A market is considered active when the quoted prices are regularly available through a stock exchange, broker,
sector-specific institution or regulatory body, and those prices reflect regular and current market transactions between parties that
act in conditions of mutual independence. The market quotation price used for the financial assets held by the Company is the current
offer price. These instruments are included in Level 1.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
fair value of financial instruments that are not negotiated in active markets is determined using valuation techniques. These valuation
techniques maximize the use of market observable information, when available, and rely as little as possible on specific estimates of
the Company. If all significant variables to establish the fair value of a financial instrument can be observed, the instrument is included
in Level 2.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
one or more variables used to determine the fair value cannot be observed in the market, the financial instrument is included in Level
3.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
techniques used for the measurement of assets at fair value with changes in profit (loss), classified as Level 2 and 3, are detailed
below:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Derivative
                                            Financial Instruments: calculated from variations between market prices at the closing date
                                            of the year, and the amount at the time of the contract.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shares:
                                            it was determined using the income-based approach through the &#8220;Indirect Cash Flow&#8221;
                                            method, that is, the net present value of expected future cash flows, mainly through the
                                            collection of dividends taking into consideration the direct equity interest of 2.84% and
                                            3.19%, and the additional equity interest of 2.18% and 2.46% through HIDISA and HINISA, in
                                            TJSM and TMB, respectively, resulting from the Federal Government&#8217;s restructuring of
                                            assets in the energy sector. This restructuring resulted in TMB&#8217;s and TJSM&#8217;s
                                            share transfer from the Federal Government to IEASA, considering 16.4% and 13.7% discount
                                            rate as of December, 31 2022 and 2021, respectively. The key assumptions were prepared based
                                            on estimates on the future behavior of certain sensitive variables, including: (i) the dividend
                                            distribution policy; (ii) reference prices for energy sold in the spot market; (iii) projections
                                            of the availability and dispatch of power plants; (iv) the evolution of structural costs
                                            and expenses; (v) macroeconomic variables such as inflation and exchange rates, etc. The
                                            Company recognised losses for US$ 1.7&nbsp;million and earnings for US$ 18 million as a result
                                            of changes in the fair value of financial instruments classified as level 3, under the item
                                            &#8220;Other financial results&#8221; of the Consolidated Statement of Comprehensive Income,
                                            as of December, 31 2022 and 2021, respectively. Current values may substantially differ from
                                            projections, mainly on account of: i) the timeliness and magnitude of the distribution of
                                            dividends, ii) the timeliness and magnitude of energy price updates, and/or iii) the evolution
                                            of costs. The Company estimates that any sensitivity analysis that considers changes in any
                                            of the estimates taken individually may lead to distorting conclusions, generating an adverse
                                            effect on the Company&#8217;s results.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 157 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->150<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 3pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
13</U>: EQUITY COMPONENTS</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 3pt; margin-left: 0; width: 28pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 3pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share capital</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the share capital amounts to 1,384 million shares, including approximately 4 million treasury shares.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1.1
<U>Share buyback programs </U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Taking
into consideration the market volatility and the persisting divergence between the Company&#8217;s share price and the economic reality
its assets currently or potentially have, which is detrimental to the interests of its shareholders, and considering the Company&#8217;s
history of strong cash position and fund availability, the Board of Directors has implemented several share buyback programs, considering
in each case that treasury shares may not exceed the 10% capital stock capitalization.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During
2021, the Company&#8217;s Board of Directors approved Programs 9 and 10 for a maximum amount of US$ 30 million each, under which shares
could be acquired up to a maximum price of US$ 16 and US$ 15.5 per ADR, respectively. The Company directly and indirectly acquired 2.7
million own ADRs for a value of US$ 38.7 million, and the repurchased shares canceled in full.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 1, 2021, the Company&#8217;s Board of Directors approved Program 11 for a maximum amount of US$ 30 million and an initial term
of 120 calendar days; under this Program, shares may be acquired up to a maximum price of US$ 19 per ADR and $ 167 per common share.
On March 10, 2022, the Board of Directors resolved to suspend Program 11, as the Company&#8217;s share and ADR prices exceeded the set
repurchase limit values.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 11, 2022, the Board of Directors resolved to approve Program 12 for a maximum amount of US$ 30 million, an initial term of 120 calendar
days, and a maximum price of US$ 22 per ADR and $ 194 per common share.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the issuance of these Consolidated Financial Statements, these programs have already expired.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During
2022, the Company indirectly acquired 0.9 million own ADRs for a value of US$ 18.2 million to an average price of US$ 20,3 per ADR.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Stock
                                            Compensation Plan</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During
fiscal year ended December 31, 2021, the Company delivered 0.5 million own shares as payments under the stock compensation plan for officers
and other key staff, respectively. In addition, the Company acquired 6 million own shares, out of which 2 million were allocated to the
compensation of senior managers. As of December, 31 2022 and 2021, 4 million remained in treasury to be delivered to employees under
such plan (see Note 4.17).</FONT></P>


<!-- Field: Page; Sequence: 158 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->151<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Capital
                                            reductions</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During
2021, the capital stock reduction approved by the Company&#8217;s General Ordinary and Extraordinary Shareholders&#8217; Meeting held
on April 29, 2021 and September 30, 2021, which provided for the cancellation of 56.6 million shares and 12.5 million shares, respectively.
These reductions are registered in the Public Registry.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
April 27, 2022, General Ordinary and Extraordinary Shareholders&#8217; Meeting resolved to reduce the Company&#8217;s capital stock by
canceling 2.8 million shares which took place during October 2022. This reduction was registered with the Public Registry on September
14, 2022.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13.2</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Earnings
                                            per share</B></FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
calculation of diluted earnings per share does not entail a conversion, the exercise or another issuance of shares which may have an
anti-dilutive effect on the losses per share, or where the option exercise price is higher than the average price of ordinary shares
during the period, no dilutive effect is recorded, being the diluted earnings per share equal to the basic. As of December 31, 2022,
2021 and 2020, the Company does not hold any significant potential dilutive shares, therefore there are no differences with the basic
earning per share.</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 11%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 11%">12.31.2021</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 11%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Earning for continuing operations attributable to equity holders of the Company</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white; text-align: right">456</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">312</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">132</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Weighted average amount of outstanding shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1,381</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,405</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,572</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Basic and diluted earnings per share from continued operations</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">0.33</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">0.22</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">0.08</TD></TR>
  <TR>
    <TD STYLE="padding-left: 24px; font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Loss for discontinued operations attributable to equity holders of the Company&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(39)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(499)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Weighted average amount of outstanding shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1,381</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,405</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,572</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Basic and diluted loss per share from discontinued operations</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(0.03)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(0.32)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Earning (Loss) attributable to equity holders of the Company&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">456</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">273</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(367)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Weighted average amount of outstanding shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1,381</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,405</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,572</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Basic and diluted earning (loss) per share</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">0.33</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">0.19</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(0.23)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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


<!-- Field: Page; Sequence: 159 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->152<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE 13</U>:
</B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.3</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Profit distributions</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividends
distributed to individuals, undivided estates or beneficiaries residing abroad, derived from profits generated during fiscal years beginning
on or January 1, 2018 are subject to a 7% withholding tax (see Note 2.6.1.2). The distribution of dividends is made based on the Company&#8217;s
Stand-Alone Financial Statements which are presented in pesos, the legal currency in Argentina, pursuant to regulatory requirements.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
14</U>: STATEMENT OF CASH FLOWS&#8217; COMPLEMENTARY INFORMATION</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.1</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjustments
                                            to reconcile net profit to cash flows generated by operating activities</FONT></TD></TR></TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white; width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 13%">Note</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 10%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 10%">12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 10%">12.31.2020</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Income tax</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.5</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">124</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">77</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">35</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Accrued interest</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">185</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">141</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">132</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Depreciations and amortizations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">9 and 10.2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">212</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">205</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">205</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Share of profit of joint ventures and associates</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">5.2.2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(105)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(117)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(85)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Results for property, plant and equipment sale</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Result for intangibles assets sale</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">10.3</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.1, 10.2 and 10.4</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">38</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">139</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Result from measurement at present value</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">14</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(2)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Changes in the fair value of financial instruments</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(94)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">24</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(19)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Exchange differences, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(85)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Result from exchange of corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Result from repurchase of corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(38)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Readjustment of investment plan&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Compensation for arbitration award</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(37)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Recovery of tax charges</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Provision for contingecies, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Provision for environmental remediation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Accrual of defined benefit plans</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">9 and 10.2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Dividends received</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Compensation agreements&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.1 and 10.2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Adjustments to reconcile net profit to cash flows from operating activities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">307</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">365</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">380</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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


<!-- Field: Page; Sequence: 160 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->153<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14.2</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Changes
                                            in operating assets and liabilities</B></FONT></TD></TR></TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 10%">12.31.2022</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 10%">12.31.2021</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 10%">12.31.2020</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">(Increase) Decrease in trade receivables and other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(233)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(41)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Increase in inventories</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(21)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(40)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Increase in trade payables and other payables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">70</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">43</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Increase (Decrease) in salaries and social security payable&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Decrease in defined benefit plans</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase (Decrease) in tax liabilities</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">36</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(20)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Decrease in provisions</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(3)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(5)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax paid</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(2)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(13)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(5)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payments from derivative financial instruments, net</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(6)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(12)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(5)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Changes in operating assets and liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(145)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(65)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(22)</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14.3</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Significant
                                            non-cash transactions</B></FONT></TD></TR></TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 10%">12.31.2022</TD>
    <TD STYLE="background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 10%">12.31.2021</TD>
    <TD STYLE="background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 10%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Acquisition of property, plant and equipment through an increase in trade payables</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(75)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(51)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(8)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Borrowing costs capitalized in property, plant and equipment</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(11)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(10)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Acquisition of subsidiary by delivering financial assets at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(35)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Receivables from sales of companies pending collection</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">40</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Receivables for acquisition of subsidiary</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">7</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Increase in investments in associates through a decrease in other receivables</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(20)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Increase in right-of-use assets through an increase in other liabilities</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(7)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Dividends pending collection</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">20</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Compensation of loans through dividends assignment</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">12</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Decrease on well abandonment provision, net, through property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(3)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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


<!-- Field: Page; Sequence: 161 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->154<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
15</U>: CONTINGENT LIABILITIES AND ASSETS</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
hereinafter detail the nature of significant proceedings as of December 31, 2022, not considered as probable by the Company based on
the opinion of the Company&#8217;s internal and external counselors.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.1</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Labor Claim
                                            &#8211; Compensatory Plan</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company faces several legal proceedings associated with the Defined Benefit Plan &#8220;Compensatory Plan&#8221; (see Note 11.8). We
hereinafter describe the nature of currently pending labor claims:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Claims
                                            by former employees not covered by the plan, seeking their inclusion. The Chamber of Appeals
                                            upheld the first-instance judgments that had dismissed the complaints filed in two claims
                                            by non-covered former employees seeking to be included in the plan. Both of these judgments
                                            are final and conclusive.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Claims
                                            by former employees seeking compensation under the plan on account of terminations due to
                                            changes in shareholding control.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Claims
                                            on considering that the index (CPI) used to update the plan benefits is ineffective to keep
                                            their &#8220;constant value&#8221;. In two of the causes, the Company obtained a favorable
                                            judgment, which has been appealed by the plaintiff. On the other hand, the Company received
                                            an adverse judgment in a claim, consequently, the Company has filed an appeal before the
                                            applicable Chamber.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Claims
                                            on an alleged underfunding of the plan upon the elimination of the Company&#8217;s contributions
                                            based on earnings. The Company obtained a favorable first-instance judgment. The plaintiff
                                            filed an appeal, which was sustained by the Chamber. Against said pronouncement, the Company
                                            filed a Federal Extraordinary Appeal before the CSJN, which was disallowed by the Appeals
                                            Chamber. Consequently, the Company filed a petition in error before the CSJN and an appeal
                                            on the grounds of unconstitutionality before the Supreme Court of Justice of the Autonomous
                                            City of Buenos Aires.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.2</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tax claim</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tax
                                            on Liquid Fuels and Natural Gas:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
AFIP filed a claim in the amount of $ 54 million against the Company for an alleged omission in the payment of Taxes on Liquid Fuels
and Natural Gas during fiscal periods January 2006 through August 2011, plus compensatory interest and a penalty of $ 38 million for
such omission. The tax entity supports its claim on the allegation that the tax benefit granted to sales to areas declared exempt by
the tax law has been misappropriated. The proceeding is currently being heard before the Federal Tax Court, and the evidentiary period
has been completed.</FONT></P>


<!-- Field: Page; Sequence: 162 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->155<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.3</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Environmental
                                            claims</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Association of Land Owners of Patagonia (ASSUPA) has brought a complaint for an indefinite
                                            amount against the Company and other companies seeking the restoration of the environment
                                            to the state prior to the exploration, exploitation, production, storage and transportation
                                            of hydrocarbon works conducted by the plaintiffs and the prevention of alleged future environmental
                                            impacts on certain areas in the Austral Basin. The National Government and the Provinces
                                            of Santa Cruz and Tierra del Fuego have been summoned as third parties. The proceeding is
                                            at the complaint answer stage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">ASSUPA
                                            has instituted a complaint before the CSJN against 10 companies, including the Company. The
                                            National Government and the Provinces of Buenos Aires, La Pampa, Mendoza, Neuqu&eacute;n
                                            and R&iacute;o Negro have been summoned as third parties. The main claim seeks that the plaintiffs
                                            should be ordered to redress the alleged environmental damage caused by the hydrocarbon activity
                                            developed in the Neuquina Basin and to set up the environmental restoration fund provided
                                            for by section 22 of the General Environmental Law. Subsidiarily, and in case restoration
                                            is not possible, it seeks the redress of the allegedly sustained collective damages for an
                                            amount estimated at US$ 547 million based on a United Nations Development Program report.
                                            The proceeding is in the complaint answer stage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Beatriz
                                            Mendoza and other 16 plaintiffs brought a complaint before the CSJN against the National
                                            Government, the Province of Buenos Aires, the Government of the Autonomous City of Buenos
                                            Aires and 44 companies, including the Company, conducting industrial activities along the
                                            Matanza-Riachuelo River Basin. The plaintiffs seek compensation for alleged damages sustained
                                            as a result of an alleged environmental impact, its cessation, the environmental recomposition
                                            and redress, for an estimated amount of US$ 500 million for the financing of the Matanza-Riachuelo
                                            River Basin Environmental Management Plan aiming at the restoration of the basin. The proceeding
                                            is in the third-party summoning stage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Inertis
                                            S.A. has filed a complaint against the Company for alleged damage to the environment in a
                                            lot owned by this company as a result of the activities conducted by the Dock Sud Plant seeking
                                            the redress of alleged damages for a nominal amount estimated at $ 1 million and US$ 1 million,
                                            or the difference between the value of the allegedly affected lot and its valuation. The
                                            proceeding is in the evidentiary stage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fundaci&oacute;n
                                            SurfRider Argentina has requested the performance of preliminary proceedings on account of
                                            alleged indications of environmental damage in the City of Mar del Plata. The plaintiff seeks
                                            the recomposition of the alleged environmental damage having collective impact, or the compensation
                                            for the alleged damages caused by all companies owning gas stations in the coastal area of
                                            the City of Mar del Plata for an alleged fuel leakage from gas stations&#8217; underground
                                            storage tanks into the water, soil and marine system. The Foundation estimates damages in
                                            the amount of $ 200 million. The parties agreed on a stay of the procedural time limits until
                                            August 2022 to evaluate the possibility of reaching an agreement. The plaintiff reached an
                                            agreement with three co-defendants. The Chamber hearing the case referred it back to the
                                            first instance, and the Court ordered a series of information measures before serving notice
                                            of the agreement on the other co-defendants (including the Company).</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 163 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->156<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
15</U>:</B> (Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Some
                                            neighbors of the Dock Sud area brought a complaint against 14 oil companies, including the
                                            Company, petrochemical companies and waste incineration plants located in the Dock Sud Petrochemical
                                            Complex for an alleged damage to the environment and alleged individual damage to their goods,
                                            health and morale. The CSJN determined it had jurisdiction over the environmental issue and
                                            maintained the civil and commercial jurisdiction regarding the compensation for the alleged
                                            damages. The First-Instance Civil and Commercial Court opened the evidentiary stage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
                                            neighbor of the Province of Salta owning a lot where a joint venture made up of the plaintiffs
                                            (the Company and other companies) conducted hydrocarbon activities seeks environmental protection
                                            and restoration for alleged damage caused by hydrocarbon prospecting, exploration and/or
                                            exploitation activities or, alternatively, a compensation in case such environmental restoration
                                            is not possible. The Province of Salta has been summoned as a third party. The proceeding
                                            is in the complaint answer stage and the Court of Justice of Salta declared that the First-Instance
                                            Administrative Litigation Court has jurisdiction over the claim.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Owners of a lot in the town of Gar&iacute;n, Province of Buenos Aires, seek the performance of preliminary proceedings for alleged indications
of damage to the environment in their place of residence which would result from an alleged leakage from the adjacent gas station under
the Company&rsquo;s branding. Preliminary measures are being conducted in this proceeding.</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Neighbors
                                            of the Province of Neuqu&eacute;n brought a proceeding against the Company for alleged environmental
                                            damage resulting from the hydrocarbon exploration, exploitation, transportation and well
                                            abandonment activities in which that plaintiff has been taking part. Should this not be feasible,
                                            they claim a compensation for alleged damages to support the Environmental Restoration Fund.
                                            Additionally, they request the redress of alleged moral damages to be allocated to the Environmental
                                            Restoration Fund. The presence of all involved parties has been properly verified, and the
                                            lawsuit has been referred to the administrative litigation jurisdiction.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Plaintiff
                                            Martinez Lidia and other three plaintiffs claim financial compensation for alleged damage
                                            to their health and property caused by the alleged environmental affectation sustained as
                                            a result of living next to Puerto General San Martin petrochemical plant (Rosario-Santa Fe).
                                            The evidentiary stage is closed and the Public Defender for the deceased plaintiff&#8217;s
                                            heirs was appointed, and he accepted this appointment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
                                            neighbor of the Province of Buenos Aires brought a complaint against the Company seeking
                                            the removal of three fuel storage tanks and pumps and the remediation and restoration of
                                            the soils where such tanks are located on account of an alleged environmental affectation.
                                            The proceeding is in the evidentiary stage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Neighbors
                                            of the Province of Santa Fe have brought a complaint against the Company for alleged environmental
                                            damage. The Company obtained a favorable judgment, which has been appealed by the plaintiff.</FONT></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 164 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->157<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE 15</U>:
</B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.4</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Civil and Commercial
                                            Claims</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            &#8220;Consumidores Financieros Asociaci&oacute;n Civil Para Su Defensa&#8221; claim the
                                            nominal amount of US$ 3,650 million as compensation for damages, Pampa, Petrolera Pampa S.A.
                                            and certain Pampa directors in office during 2016 being co-plaintiffs together with Petroleo
                                            Brasileiro S.A. A complaint has been brought against Petrobras Brasil for the depreciation
                                            of the share quotation value as a result of the &#8220;lava jato operation&#8221; and the
                                            so-called &#8220;Petrolao&#8221;, and the plaintiffs claim Pampa, Petrolera Pampa S.A. and
                                            the directors&#8217; joint and several liability alleging the acquisition of indirect control
                                            in Petrobras Argentina S.A. may have thwarted the enforcement of a possible judgment favorable
                                            to the plaintiff (for up to the amount of the price paid by Pampa for the acquisition of
                                            control over Petrobras Argentina S.A.). The plaintiff appealed the Arbitration Court&#8217;s
                                            decision declaring the dismissal of the main claim upon the failure to pay the arbitration
                                            fee. The Chamber of Appeals in Commercial Matters upheld the filed extraordinary appeal.
                                            On its part, Petr&oacute;leo Brasileiro S.A. filed an appearance, requested that the lack
                                            of substance of the filed appeal should be declared, and subsidiarily answered it. The Company
                                            was served notice of the upholding of the motion made by the Chamber of Appeals in Commercial
                                            Matters and filed a presentation in this respect. Later, the CSJN declared the nullity of
                                            the Chamber of Appeals in Commercial Matters&#8217; decision upholding the extraordinary
                                            appeal and referred the court file back so that a new judgment should be rendered.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
hereinafter detail the nature of significant legal proceedings brought by the Company as of December 31, 2022 where the related inflows
of economic benefits are estimated to be probable by the Company.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.5</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Administrative
                                            claims</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">CTLL
                                            (currently Pampa) filed an administrative litigation complaint against the Federal Government
                                            for contractual breach during the January 2016-March 2016 period. CTLL claims that CAMMESA&#8217;s
                                            decision regarding the renewal and recognition of costs associated with natural gas supply
                                            agreements should be reversed and that, subsidiarily, sustained damages should be redressed.
                                            Later on, CTLL filed a new contentious administrative litigation complaint against the Federal
                                            Government for contractual breach during the April 2016-October 2018 period. In the complaint
                                            for the January-March 2016 period, the closing of the evidentiary stage was suspended on
                                            account of the proceeding&#8217;s link with the complaint subsequently field for the April
                                            2016- October 2018 period, proceeding which is currently in the evidentiary stage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon the determination of the expiration of the Veta Escondida block concession granted by the Province of Neuqu&eacute;n, the
Company filed a declaratory judgment action to achieve certainty under the original jurisdiction of the CSJN pursuant to section 322
of the Federal Code of Civil and Commercial Procedure. Both parties agreed to suspend the proceeding to pursue a private settlement,
the rendering of judgment was requested and the CSJN has set a preliminary hearing, which was carried out. Currently, after the opinion
rendered by the National Attorney General, the proceeding is pending judgment by the CSJN.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0 17.85pt; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></P>


<!-- Field: Page; Sequence: 165 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->158<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE
15</U>:</B> (Continuation)<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; width: 100%; margin-top: 12pt; margin-bottom: 0">
<TR STYLE="vertical-align: top"><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">On March 31, 2021, the Company submitted a Preliminary Administrative Claim (RAP) against the National Ministry of Economy (MECON)
to claim the owed amount, plus the applicable interest, assumed by the Federal Government during the term of validity of PEN Executive
Order No. 1,053/18 on account of the exchange difference between the price of the gas purchased by gas distributors and that recognised
in their final tariffs during the April 2018 - March 2019 period. On September 1, 2021 a request for an expedited procedure was filed.
On September 1, 2021. a request for an expedited procedure was filed. On December 2, 2021, the Company filed a protective action (amparo)
on the grounds of undue delay seeking that defendant should state its opinion in this respect. A judgment was rendered dismissing the
amparo. The Company has filed an appeal against this decision, which was dismissed by the Chamber hearing the case. As MECON&#8217;s
term to state its position on the RAP has expired, the Company has brought a complaint against the Federal Government.</FONT></TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.6</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Civil and Commercial
                                            Claims</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">EcuadorTLC
                                            (currently Pampa Bloque 18), in its capacity as assignee of the Ecuadorian company Petromanab&iacute;
                                            S.A., filed an international arbitration proceeding against the Republic of Ecuador seeking
                                            the payment of 12% of the Settlement Value, the latter pursuant to the terms of the Hydrocarbon
                                            Exploration and Crude Oil Exploitation Participation Agreement in Block 18 entered into on
                                            December 19, 1995 and/or the Holl&iacute;n Common Field Unified Exploitation Operating Agreement
                                            executed on August 7, 2002 &#8212;in both cases, as amended&#8212;. The arbitration is conducted
                                            according to the Arbitration Rules of the United Nations Commission on International Trade
                                            Law, the applicable law is Ecuadorian law, and the seat of arbitration is the City of Santiago
                                            de Chile. In 2021, the first stages of the international arbitration proceeding have already
                                            begun. As of the issuance of these Consolidated Financial Statements, the arbitration proceeding
                                            is ongoing.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ecuador
                                            TLC (currently Pampa Bloque 18), brought an arbitration claim against Petroecuador before
                                            the arbitration and mediation center of the Chamber of Commerce of Quito as a result of certain
                                            breaches to the transportation agreement entered into on December 31, 2008 whereby the Ecuadorian
                                            Government undertook the crude oil transportation commitment through the OCP, to be charged
                                            to the oil transportation capacity hired by Pampa Bloque 18. On August 3, 2022, the Arbitration
                                            Court rendered a final and conclusive award partially upholding the complaint. Even though
                                            the award was not annulled, Petroecuador filed an extraordinary protection proceeding before
                                            the Constitutional Court. It is worth highlighting that this proceeding does not suspend
                                            the execution of the arbitration award. As of December 31, 2022, Pampa Bloque 18 recorded
                                            a US$ 37.4 million receivable as compensation for the arbitration complaint in Ecuador. As
                                            of the issuance of these Consolidated Financial Statements, Petroecuador has partially fulfilled
                                            the award and made a US$ 20 million payment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Company has instituted an international arbitration proceeding against High Luck Group Limited
                                            - Argentina branch as a result of certain breaches to the Participation Assignment Agreement
                                            and the Joint Operation Agreement for the Chirete Block entered into on April 1, 2015.</FONT></TD></TR></TABLE>

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

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

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


<!-- Field: Page; Sequence: 166 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->159<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
16</U>: RELATED PARTIES&acute; TRANSACTIONS</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.1</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balances with
                                            related parties</FONT></TD></TR></TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">As of December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Trade&nbsp;&nbsp;payables</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Non-current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left; width: 38%">Associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">TGS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">5</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">17</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">6</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">7</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left">Other related parties</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">SACDE</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">7</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">Other</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">5</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">17</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">7</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">As of December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Trade&nbsp;&nbsp;payables</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Non-current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left">Associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white">OCP</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white">Refinor</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white">TGS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">6</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">23</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">5</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">3</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left">Other related parties</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white">SACDE</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">10</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white">Other</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">7</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">23</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">8</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">15</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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

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

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


<!-- Field: Page; Sequence: 167 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->160<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>16.2</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operations
                                            with related parties</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">Operations for the year</TD>
    <TD ROWSPAN="2" STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; vertical-align: middle; font-weight: bold; text-align: center; background-color: white">Sales of goods and services <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><SUP>(1)</SUP></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Purchases
    of goods and services <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; background-color: white">Fees for
    services <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Other operating expenses and income
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><SUP>(4)</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2020</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left; background-color: white; width: 28%">Associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 5%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">CTB</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Greenwind&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Refinor&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(11)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">TGS&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">51</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">45</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(53)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(43)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(24)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; background-color: white">Other related parties</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Fundaci&oacute;n</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">SACDE&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(203)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(48)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Salaverri, Dellatorre, Burgio &amp; Wetzler&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">64</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">57</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">33</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(267)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(97)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(35)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(2)</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)
</SUP>Corresponds mainly to advisory services provided in the field of technical assistance and sales of gas and refined products.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2)
</SUP>Correspond to natural gas transportation services, purchases of refined products and other services imputed to cost of sales for
US$ 191 million, US$ 50 million and US$ 29 million and infrastructure works contracted to SACDE imputed in property, plant and equipment
for US$ 76 million, US$ 47 million and US$ 6 million, of which US$ 38 million, US$ 17 million and US$ 2 million correspond to fees and
general expenses calculated on the costs incurred by SACDE and/or Pampa to carry out these for the years ended December 31, 2022, 2021
and 2020, respectively.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-indent: -7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(3)
</SUP>Disclosed within administrative expenses.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-indent: -7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(4)
</SUP>Corresponds mainly to donations.</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white"><BR>
Operations for the year</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Finance
    income <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Dividends received&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Payment of dividends</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left; width: 28%">Associates and joint ventures</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 7%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Citelec</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">OCP</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">10</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">20</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">21</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">TGS&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline">Other related parties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">EMESA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(9)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Other</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">10</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">20</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">35</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(9)</TD></TR>
  </TABLE>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP>
Corresponds mainly to financial leases and accrued interest on loans granted.</FONT></P>

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


<!-- Field: Page; Sequence: 168 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->161<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>16.3</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Key
                                            management personnel remuneration</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During
the years ended December 31, 2022 2021 and 2020, the total remuneration to executive directors accrued amounts to US$ 26 million (US$
7 million for Directors' and Sindycs' fees and US$ 19 million in the accrual of Stock-based Compensation Plans and Compensation Agreements),
US$ 7 million (US$ 6 million for Directors' and Sindycs' fees and US$ 1 million in the accrual of Stock-based Compensation Plans and
Compensation Agreements ), and US$ 7 million (US$ 6 million for Directors' and Sindycs' fees and US$ 1 million in the accrual of EBDA
Compensation and Stock-based Compensation Plans), respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
should be noted that, as stipulated in the compensation agreements (See Note 4.17.1), and considering that no compensation had been assigned
in favor of the Company&#8217;s main officers over the last three fiscal years, on September 30, 2021 they exercised the right to set
the Company&#8217;s ADR weighted average listed price over the 30 business exchange days before the closing of year 2020 as the new initial
market value to calculate compensations as from fiscal year 2021. Following the exercise of this option, the officers have lost all their
rights to accrued and uncollected compensations for the previous fiscal years, which generated the recognition of a profit of US$ 6.7
million as of December 31, 2021.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
17</U>: INVESTMENT COMMITMENTS</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 28pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>17.1</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>New
                                            generation projects</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the National Government&#8217;s call for the expansion of the generation offer, the Company participated in the following generation
projects:</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
early 2022, works started for the expansion of PEPE III, inaugurated in 2019 and located in the town of Coronel Rosales, Province of
Buenos Aires, which production is targeted at the large users&#8217; segment, with 14 wind turbines and an installed capacity of 53.2
MW.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
project, with an estimated investment of US$ 128 million, will mainly consist of the mounting and installation (in stages) of 18 additional
wind turbines, adding a capacity of 81 MW; therefore, once works are completed, PEPE III and PEPE IV will have an installed capacity
of 134.2 MW. The expansion requires sophisticated works on the platforms and foundations, which will be conducted by SACDE, and the start-up
is planned for the second quarter of 2023.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 29, 2022 took place the commissioning of 4 wind turbines which have a capacity of 18 MW, and on February 25, 2023, took place
the commissioning of 4 additional wind turbines with an incremental capacity of 18 MW.</FONT></P>


<!-- Field: Page; Sequence: 169 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->162<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>17.2</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Investment
                                            commitment for the exploration and exploitation of hydrocarbons</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Regarding
the investment project committed by CENCH for the Sierra Chata block, on June 29, 2022 was published Provincial Executive Order No. 1,262/22
approving the new investment schedule. Under it, the consortium made up by the Company and Mobil Argentina S.A. undertakes to execute
14 horizontal wells targeting the Vaca Muerta formation by July 26, 2023.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the issuance of these Consolidated Financial Statements, the Company has committed investments until 2024 for an estimated total amount
of US$ 180 million, including commitments associated with the participations detailed in Note 5.3.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
18</U>: INCIDENT AT GENELBA THERMAL POWER PLANT</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 31, 2021 an incident occurred in the GEBATG03 (TG21) unit, which makes up Genelba thermal power plant&#8217;s Genelba Plus combined
cycle, and damage was caused to the unit&#8217;s turbine. As a result of the incident, the combined-cycle generation capacity was reduced
by approximately 50% (280 MW).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Jointly
with the turbine&#8217;s manufacturer (SIEMENS), the Company performed the necessary works to dismantle and repair the failure, which
were completed in July 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Moreover,
the Company is making all necessary filings before the insurance companies to collect the compensatory damages for the failure and minimize
losses associated with the breach of availability commitments.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
19</U>: LEASES</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>19.1
Lessee</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company leases a key part for thermal power plants operation for a 20-year term and has entered into certain oil services agreements
(mainly gas compression services) which, considering their characteristics, contain the lease of the assets for the rendering of the
services with terms ranging between 2 and 6 years.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
terms of the lease agreements are negotiated on an individual basis and comprise a broad range of terms and conditions.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
evolution of right-of-use assets and lease liabilities recognised as of December 31, 2022 and 2021 is disclosed below:</FONT></P>


<!-- Field: Page; Sequence: 170 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->163<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.1.1
<U>Right of use assets</U></FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Original values</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 43%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 13%">Decrease</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center">Type of good</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">At the beginning</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Increase</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">At the end</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Machinery and equipment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">20</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">Total at 12.31.2022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">20</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt; background-color: white">Total at 12.31.2021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">13</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">7</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">20</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Amortization</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: center">Type of good</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">At the beginning</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">For the year</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">At the end</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Machinery and equipment</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(8)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(11)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">Total at 12.31.2022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(8)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(3)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(11)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt; background-color: white">Total at 12.31.2021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(3)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(5)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(8)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Net book values</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Type of good</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At 12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At 12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Machinery and equipment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">Total at 12.31.2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">9</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt; background-color: white">Total at 12.31.2021</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">12</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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


<!-- Field: Page; Sequence: 171 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->164<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.1.2
<U>Lease liabilities</U></FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2022</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">At the beginning of the year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">13</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Result from measurement at present value <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Reversal of unused amounts</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Payments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(5)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">At the end of the year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">12</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">13</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)
</SUP>Included in Other financial results.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022 and 2021, this liability is disclosed under Other current payables in the amount of US$ 2 million and US$ 4 million
and Other non-current payables for US$ 10 million and US$ 9 million, respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table includes an analysis of the Company lease liabilities, grouped according to their maturity dates. The amounts shown in
the table are the contractual undiscounted cash flows:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 73%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 23%">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Three months to one year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">One to two years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Two to three years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Three to four years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Four to five years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">More than five years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">23</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.1.3 <U>Short-term
or low value leases</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022 and 2021, the Company has recognised administrative costs and expenses in the amount of US$ 6 million on account
of lease payments associated with short-term leases.</FONT></P>


<!-- Field: Page; Sequence: 172 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->165<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>19.2
Lessor</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.2.1
<U>Financial leases</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Corresponding
to the financing granted to TGS for the sale of certain property, plant and equipment belonging to the Oil &amp; Gas business segment.
This agreement was entered into on August 11, 2016 and consists of the collection of 119 monthly consecutive installments of US$ 623
thousand, without considering taxes, and a purchase option for a like amount payable at the end of the 120 months of the contract life.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022 and 2021, this receivable is disclosed under Other current receivables in the amount of US$ 6 million and US$ 5
million, respectively and under Other non-current receivables for US$ 17 million and US$ 23 million, respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table includes an analysis of the Company receivable, grouped according to its maturity dates. The amounts shown in the table
are the contractual undiscounted cash flows:</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 73%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 23%">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Less than three months</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Three months to one year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>One to two years</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Two to three years</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">7</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Three to four years</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">23</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.2.2
<U>Operating leases</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company has executed lease agreements to install commercial and administrative offices in Pampa Energ&iacute;a S.A.&#8217;s building,
located in Maip&uacute; 1, Autonomous City of Buenos Aires, for three to five years terms.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Future
minimum collections from operating leases as of December 31, 2022 are detailed below:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="padding-left: 24px; font-weight: bold; vertical-align: top; text-align: left; background-color: white; width: 73%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 23%">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Three months to one year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">One to two years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">More than three years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">3</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
income from operating leases for the fiscal year ended December 31, 2022 amounts to US$ 1 million.</FONT></P>

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


<!-- Field: Page; Sequence: 173 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->166<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
20</U>: TERMINATION OF HYDROELECTRIC CONCESSIONS</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
the hydroelectric concessions timely granted by the Federal Government and, in some cases, by the Provinces approach expiration, on March
10, 2022, SE Resolution No. 130/22 was published, creating a Concessioned Hydroelectric Exploitations Team to evaluate the status of
the hydropower concessions under national jurisdiction, including HIDISA, HINISA, and HPPL.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
team will be presided over by the Secretary of Energy (or the person appointed by him) and coordinated by a person with proven experience
in the field. It will also be made up of representatives of the SE, CAMMESA, the ENRE, and IEASA. Furthermore, the Dam Safety Regulatory
Body and water management and environmental protection authorities are invited to appoint a representative in the team.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
concessions' status report must be submitted within two years for the HIDISA and HINISA concessions, expiring in 2024, whereas the term
for issuing the report for HPPL, which concession expires in 2029, will be later determined.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
IEASA is entrusted with the technical audit of the power generation equipment.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
21</U>: DOCUMENTATION KEEPING</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 14, 2014, the CNV issued General Resolution No.&nbsp;629, which introduced modifications to the provisions applicable to the keeping
and conservation of corporate and accounting books and commercial documentation. To such effect, the Company, have sent non-sensitive
work papers and information corresponding to the periods not covered by the statute of limitations for their keeping in the Administraci&oacute;n
de Archivos S.A. (AdeA)&#8217;s data warehouse located at Ruta 36, km 34.5, Florencio Varela, Province of Buenos Aires and in the Iron
Mountain Argentina S.A.&#8217;s data warehouses located at the following addresses:</FONT></P>

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Azara
                                            1245 &#8211; C.A.B.A.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Don
                                            Pedro de Mendoza 2163 &#8211; C.A.B.A.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amancio
                                            Alcorta 2482 - C.A.B.A.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">San
                                            Miguel de Tucum&aacute;n 601, Carlos Spegazzini, Municipality of Ezeiza, Province of Buenos
                                            Aires.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
list of the documentation delivered for storage, as well as the documentation provided for in Article 5.a.3) Section I, Chapter V, Title
II of the PROVISIONS (2013 regulatory provisions and amending rules), is available at the Company headquarters.</FONT></P>


<!-- Field: Page; Sequence: 174 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->167<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pamfs4q226ke1_003.jpg" ALT="" STYLE="width: 280px; height: 80px">&nbsp;</TD></TR></TABLE><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in millions of US$ &ndash; unless otherwise stated)</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
22</U>: OIL AND GAS RESERVES (Information not covered by the auditors&#8217; report)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
table below presents the estimated proved reserves of oil (including crude oil, condensate and LNG) and natural gas, by geographic area
as of December 31, 2022.</FONT></P>

<P STYLE="font: 8.5pt/120% Trebuchet MS, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/120% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="8" STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Proved Reserves</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 12%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 12%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 12%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 12%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 12%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Proved Developed</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Proved Undeveloped</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Total Proved</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Oil and LNG <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">Natural Gas <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Oil and LNG <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">Natural Gas <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Oil and LNG <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">Natural Gas <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(2)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Argentina</TD>
    <TD STYLE="text-align: right; background-color: white">7,722</TD>
    <TD STYLE="text-align: right; background-color: white">17,372</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">3,214</TD>
    <TD STYLE="text-align: right; background-color: white">11,241</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">10,936</TD>
    <TD STYLE="text-align: right; background-color: white">28,613</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total at 12.31.2022</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">7,722</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">17,372</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">3,214</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">11,241</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">10,936</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">28,613</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/120% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; line-height: 120%">In thousands of barrels.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; line-height: 120%">In millions of cubic meters.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
23</U>: SUBSEQUENT EVENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PEPE
VI</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
February 2023, the Company started constructing Pampa Energ&iacute;a VI Wind Farm in Bah&iacute;a Blanca, Province of Buenos Aires. The
project will enable the installation of a 300 MW power capacity, in 3 stages, with an estimated US$ 500 million investment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stage
1 comprises the mounting and installation of 21 Vestas wind turbines, with their internal medium-voltage cable network, roads, a substation
and a 500 KV line allowing for a 94.5 MW capacity addition, with an investment for US$ 186 million, expected to be operative in mid-2024.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
energy produced by this wind park allows for reduced carbon emissions and will be sold through the MATER to supply large companies in
the country in compliance with the Renewable Energy Law.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->168<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex99-2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Free
translation from the original prepared in Spanish for publication in Argentina</FONT></P>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><IMG SRC="pamfs4q226ke2_001.jpg" ALT="" STYLE="height: 122px; width: 426px"></B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AS OF
DECEMBER 31, 2022 AND 2021</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-indent: -35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FOR
THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-indent: -35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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


<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <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%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<IMG SRC="pamfs4q226k_001.jpg" ALT=""></FONT></P>

<P STYLE="font: bold 10pt/120% Georgia, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">Free
translation from the original prepared in Spanish for publication in Argentina</FONT> </P>

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

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

<P STYLE="font: 16pt Georgia, Times, Serif; margin: 0 0 10pt; color: #D04A02">Audit report issued by independent auditors</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 41.95pt 0 0">To the Board of Directors and Shareholders of</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 41.95pt 0 0">Pampa Energ&iacute;a S.A.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 41.95pt 0 0">Legal address: Maip&uacute;, 1</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 41.95pt 0 0">Autonomous City of Buenos Aires</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 41.95pt 0 0">Tax Code No.: 30-52655265-9</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Opinions on the consolidated financial statements </B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 2.85pt; padding-right: 0.2pt; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #D04A02"><B>Opinion</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">We have audited the consolidated financial statements of Pampa Energ&iacute;a
S.A. and its subsidiaries (the &#8220;Group&#8221;) as of December 31, 2022, which comprise the consolidated statement of financial position
as of December 31, 2022, the consolidated statements of comprehensive income, of changes in equity and of cash flows for the year ended
December 31, 2022, and the notes to the consolidated financial statements, which include a summary of significant accounting policies
and other explanatory information.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">In our opinion, the accompanying consolidated financial statements
present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2022, and the consolidated
results of its operations and its consolidated cash flows for the period ended in that date in conformity with International Financial
Reporting Standards (&#8220;IFRS&#8221;).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 2.85pt; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #D04A02"><B>Basis for opinion</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">We conducted our audit in accordance with International Standards
on Auditing (ISAs). These standards were adopted as auditing standards in Argentina through Technical Resolution No. 32 of the Argentine
Federation of Professional Councils for Economic Sciences (FACPCE for its acronym in Spanish), as approved by the International Auditing
and Assurance Standards Council (IAASB). Our responsibilities under these standards are further described in the section &#8220;Auditor&#8217;s
responsibilities for the audit of the consolidated financial statements&#8221; of this report.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">Independence</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">We are independent of the Group in accordance with the International Code
of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board
for Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the consolidated financial statements
in Argentina, and we have fulfilled our other ethical responsibilities in accordance with those requirements and the IESBA Code.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt Georgia, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">Price Waterhouse &amp; Co. S.R.L., Bouchard 557, 8<SUP>th</SUP> floor, C1106ABG - Autonomous City of Buenos Aires</P><P STYLE="font: 9pt Georgia, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">T: +(54.11) 4850.0000, www.pwc.com/ar</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 3pt">&nbsp;<IMG SRC="pamfs4q226k_001.jpg" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt">Free translation from the original prepared in Spanish for publication in Argentina</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 2.85pt; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #D04A02"><B>Key Audit matters</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in
the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #7D7D7D">
    <TD STYLE="width: 50%; padding-top: 2.85pt; padding-bottom: 5pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white">Key audit matter </FONT></TD>
    <TD STYLE="width: 50%; padding-top: 2.85pt; padding-bottom: 5pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white">How our audit addressed the key audit matter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7D7D7D 1pt solid; padding-top: 2.85pt; padding-bottom: 5pt">
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0; color: #7D7D7D"><B>The Impact of Estimates of Oil and Gas Reserves on
    Oil and Gas Segment Property, Plant and Equipment and Allocated Goodwill.</B></P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">As of December 31, 2022, the consolidated financial statements present
    the following accounts related to the oil and gas segment:</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Property, plant and equipment of the segment (Note 11.1):
    $ 142,923 million, </FONT></P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Goodwill (Note 11.2): $ 6,131 million, </FONT></P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation expense of the segment (Note 11.1): $ 16,091
    million.</FONT></P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">As described in Note 6.1.7 to the consolidated financial statements,
    the Company&#8217;s management estimates oil and gas reserves which are used in the determination of depreciation of property, plant and
    equipment used in the areas of oil and gas, as well as assessing the recoverability of these assets considering, if applicable, the goodwill
    allocated to the oil and gas segment. There are numerous uncertainties in estimating proved and unproved reserves and future production
    profiles, development costs and prices, including several factors beyond the producer&#8217;s control. Reserve engineering is a subjective
    process of estimating underground accumulations involving a certain degree of uncertainty. Reserves estimates depend on the quality of
    the available engineering and geological data as of the estimation date and on the interpretation and judgment thereof. Periodic revisions
    to the estimated oil and gas reserves and related future net cash flows may be necessary as a result of changes in a number of factors,
    including reservoir performance, new drilling, oil and gas prices, cost, technological advances, new geological or geophysical data and
    other economic factors.</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">The Company&#8217;s estimates of oil and gas reserves have been developed
    by employed specialists, specifically petroleum engineers, and audited by independent specialists engaged by the Company.</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #7D7D7D 1pt solid; padding-top: 2.85pt; padding-bottom: 5pt">
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">The audit procedures performed in relation to this key audit matter
    included, among others:</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Obtain an understanding, evaluate and test the effectiveness
    of the controls related to management&#8217;s process to estimate of oil and gas reserves.</FONT></P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Evaluating the methods and significant assumptions used
    by management in developing these estimates, related to future production profiles, development costs and prices.</FONT></P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Evaluate the reasonableness of the estimates for proven
    oil and gas reserves through the use of the specialist's work engaged by the Company to audit the reserves. As a basis for using this
    work, the specialists&#8217; competence, capability and objectivity were evaluated, as well as their methods and assumptions.</FONT></P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Test the data used by the Company&#8217;s engaged specialists
    and an evaluation of their findings.</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Obtaining evidence to support the reasonableness of the
    significant assumptions, including whether the assumptions used were reasonable considering the past performance of the Company, and whether
    they were consistent with evidence obtained in other areas of the audit.</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 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%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="pamfs4q226k_001.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt">Free translation from the original prepared in Spanish for publication in Argentina</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 3pt 100pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #7F7F7F">
    <TD STYLE="width: 50%; border-top: #7D7D7D 1pt solid; border-bottom: #7D7D7D 1pt solid; font: 12pt/110% Times New Roman, Times, Serif; padding-top: 2.85pt; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white; line-height: 110%">Key audit matter </FONT></TD>
    <TD STYLE="width: 50%; border-top: #7D7D7D 1pt solid; border-bottom: #7D7D7D 1pt solid; font: 12pt/110% Times New Roman, Times, Serif; padding-top: 2.85pt; padding-bottom: 5pt; padding-left: 0.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white; line-height: 110%">How our audit addressed the key audit matter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7D7D7D 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 2.85pt; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">It is a key audit matter because developing the estimates of oil and gas reserves involves critical judgment by management, including the use of specialists, which in turn led to a high degree of auditor judgment and effort in performing procedures to evaluate the significant assumptions used in developing those estimates, related to future production profiles, development costs and prices.</FONT></TD>
    <TD STYLE="border-bottom: #7D7D7D 1pt solid; font: 12pt/110% Times New Roman, Times, Serif; padding-top: 2.85pt; padding-bottom: 5pt; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt; line-height: 110%">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 110%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; line-height: 110%">Testing that the estimates of oil and gas reserves were appropriately included in the Company&#8217;s determination of depreciation expense, as well as in the impairment of non-financial assets assessment of oil and gas segment.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7D7D7D 1pt solid; padding-top: 2.85pt; padding-bottom: 5pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: #7D7D7D"><B>Impairment of Non-Financial Long-Lived Assets related
    to Rinc&oacute;n del Mangrullo cash generating unit of the Oil and Gas Segment </B></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">As of December 31, 2022, the consolidated financial statements present
    the following non-financial long-lived assets:</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Property, plant and equipment of the oil and gas segment
    (Note 11.1): $ 142,923 million. </FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">As described in Notes 4.9 and 6.1.1 to the consolidated financial statements,
    management analyzes the recoverability of its non-financial long-lived assets on a periodical basis or when events or changes in circumstances
    indicate their recoverable amount may be below its carrying amount. In order to evaluate if there is evidence that a cash generating unit
    (CGU) could be affected, both external and internal sources of information are analyzed. Facts and circumstances are considered such as
    the discount rate used in the cash flow projections of the CGUs and the condition of the business in terms of market and economic factors,
    such as the cost of inventories, oil and gas, the international price of petrochemical products, the regulatory framework of the energy
    industry, projected capital investments and the evolution of energy demand. The recoverable amount is the higher of value in use and fair
    value less costs of disposal. Management used value in use to determine the recoverable amount. For the purpose of evaluating impairment
    losses, assets are grouped into CGUs. The value in use of each CGU is determined based on projected and discounted cash flows, using discount
    rates which considered the business segment and the country conditions where the operations are performed for each CGU. As described in
    Note 11.1.1, the cash flow projections included significant judgments and assumptions related to reference prices for products, future
    demand per type of product, costs evolution,</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: #7D7D7D"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-bottom: #7D7D7D 1pt solid; padding-top: 2.85pt; padding-bottom: 5pt">
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">The audit procedures performed in relation to this key audit matter
    included, among others:</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Obtain an understanding, evaluate and test the effectiveness
    of the controls related to the estimation process of the recoverable value of non-financial long-lived assets.</FONT></P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Evaluating the appropriateness determination of the Company&#8217;s
    CGUs, as well as the allocation of the assets and liabilities thereto.</FONT></P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Evaluating the reasonableness of management&#8217;s assessment
    over the existence of impairment indicators.</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Testing management&#8217;s process for developing the value
    in use estimate.</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Evaluating the appropriateness of the discounted cash flow
    model, as well as the mathematical precision of the calculations </FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Test the completeness, accuracy, and relevance of the data
    and underlying assumptions used by management in the model related to reference prices for products, future demand per type of product,
    costs evolution, macroeconomic variables such as inflation and exchange rates. This assessment involved evaluating whether the assumptions
    used were reasonable considering (i) the current and past performance of the CGU, (ii) the consistency with external market and industry
    data, and (iii) whether these assumptions were consistent with evidence obtained in other areas of the audit.</FONT></P></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 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%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="pamfs4q226k_001.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt">Free translation from the original prepared in Spanish for publication in Argentina</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #7F7F7F">
    <TD STYLE="width: 50%; border-top: #7D7D7D 1pt solid; border-bottom: #7D7D7D 1pt solid; font: 12pt/110% Times New Roman, Times, Serif; padding-top: 2.85pt; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white; line-height: 110%">Key audit matter </FONT></TD>
    <TD STYLE="width: 50%; border-top: #7D7D7D 1pt solid; border-bottom: #7D7D7D 1pt solid; font: 12pt/110% Times New Roman, Times, Serif; padding-top: 2.85pt; padding-bottom: 5pt; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white; line-height: 110%">How our audit addressed the key audit matter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7D7D7D 1pt solid; padding-top: 2.85pt; padding-bottom: 5pt">
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">macroeconomic variables such as inflation and exchange rates, the discount
    rate, among others.</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">As a result of the analysis carried out, management has identified impairment
    indicators for the assets of the Rinc&oacute;n del Mangrullo CGU of oil and gas segment as of June 30, 2022 and, according to Notes 11.1.1
    and 11.1.1.2, has evaluated their recoverability, determining an impairment loss of $3,682 million.</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">It is a key audit matter because, both determining the existence of
    impairment indicators and estimating recoverable values involves the application of critical judgment and significant estimates by management,
    which are subject to uncertainty and future events.</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">This in turn led to a high degree of auditor judgment, subjectivity,
    and effort in performing procedures to evaluate cash flow projections performed by management and significant assumptions related to reference
    prices for products, future demand per type of product, costs evolution, macroeconomic variables such as inflation and exchange rates
    and the discount rate.</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #7D7D7D 1pt solid; padding-top: 2.85pt; padding-bottom: 5pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Evaluating the sufficiency of the information disclosed
    in the consolidated financial statements regarding the evaluation of the recoverable value of long-lived non-financial assets.</FONT></P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">Additionally, the audit effort involved the use of professionals with
    specialized skill and knowledge to assist in evaluating the discounted cash flow model and the discount rate.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7D7D7D 1pt solid; padding-top: 2.85pt; padding-bottom: 5pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: #7D7D7D"><B>Acquisitions of Vientos Solutions S.L.U. and Vientos de
    Arauco Renovables S.A.U. - Valuation of Identifiable Intangible Assets</B></P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">As described in Notes 5.1.3 and 5.1.5 to the consolidated financial
    statements, during the year ended December 31, 2022, the Company completed the acquisitions of (i) Vientos Solutions S.L.U. (&#8220;VS
    SLU&#8221;), a company whose principal asset is its 50% interest in the capital stock of Greenwind S.A. (&#8220;Greenwind&#8221;), for
    aggregate consideration of $2,752.5 million (US$20.5 million), and (ii) Vientos de Arauco Renovables S.A.U. (&#8220;VAR&#8221;) for aggregate
    consideration of $21,657,7 million (US$121.4 million). These transactions have been recognized in accordance with IFRS 3 &quot;Business
    Combinations&quot;.</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">The acquisition method involves the measurement at fair value of the
    identifiable assets acquired and the liabilities assumed in the business combination at the acquisition date. The fair value of the intangible
    asset regarding the identified business relationships has been determined through the application of the &#8220;income-based approach&#8221;
    and the &#8220;multi-period excess</P></TD>
    <TD STYLE="border-bottom: #7D7D7D 1pt solid; padding-top: 2.85pt; padding-bottom: 5pt">
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 7pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">The audit procedures performed in relation to this key audit matter
    included, among others:</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 12.9pt; text-indent: -12.9pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Obtain an understanding, evaluate and test the effectiveness
    of the controls related to the acquisition accounting, including controls over management's valuation of assets acquired and liabilities
    assumed and controls over the development of related significant assumptions related to the fair value of the identified intangible assets.</FONT></P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 12.9pt; text-indent: -12.9pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Obtain and read the purchase agreements and identify the
    key terms and conditions with accounting impact, including the total consideration assumed, the effective date of the acquisition and
    the integrity of the assets and liabilities identified by the Company&#8217;s management.</FONT></P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 12.9pt">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 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%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="pamfs4q226k_001.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt">Free translation from the original prepared in Spanish for publication in Argentina</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-top: #7D7D7D 1pt solid; border-bottom: #7D7D7D 1pt solid; padding-top: 2.85pt; padding-bottom: 5pt">
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">earnings&#8221; method. Key assumptions used considered: i) projected
    generation level; and ii) discount rate.</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">As a consequence of the purchase price allocation exercise, the Company's
    management has recognized intangible assets related to the business relationships identified for the acquisition of VS SLU for $4,242.1
    million and for the acquisition of VAR for $11,115.9 million.</P>
    <P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">It is a key audit matter due to the significant judgment made by Management
    in developing the fair value of the identified intangible assets. This in turn led to a high degree of auditor judgment and subjectivity
    in applying procedures related to the management&#8217;s fair value estimate of the intangible assets identified and a significant audit
    effort in evaluating management&#8217;s significant assumptions related to projected generation level and discount rate.</P></TD>
    <TD STYLE="width: 50%; border-top: #7D7D7D 1pt solid; border-bottom: #7D7D7D 1pt solid; padding-top: 2.85pt; padding-bottom: 5pt">
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 12.9pt; text-indent: -12.9pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Test management's cash flow projections used to estimate
    the fair value of the identified intangible assets, which included evaluating the reasonableness of significant assumptions used by management
    related to the projected generation level. Evaluating the reasonableness of the projected generation level involved considering the past
    performance of the acquired businesses, as well as economic and industry public information.</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 12.9pt; text-indent: -12.9pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Professionals with specialized skill and knowledge were
    used to assist in evaluating the appropriate use of the &#8220;multi-period excess earnings&#8221; methodology and the reasonableness
    of the discount rate, considering the cost of capital of comparable businesses and other industry factors.</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 12.9pt; text-indent: -12.9pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Evaluate the sufficiency of the information disclosed in
    the consolidated financial statements in relation to acquisitions.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 2.85pt; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #D04A02"><B>Information accompanying the consolidated financial statements (&#8220;other information&#8221;)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The other information includes the Annual report and the Summary.
The Board of Directors is responsible for the other information.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Our opinion on the consolidated financial statements does not cover
the other information and, therefore, we do not express any audit conclusions.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In connection with our audit of the consolidated financial statements,
our responsibility is to read the other information and, in doing so, consider whether it is materially inconsistent with the consolidated
financial statements, or our knowledge obtained in the audit, or if for some other reason it appears that there is a significant misstatement.
If, based on the work we have done, we consider that, where it is our competence, there is a significant inaccuracy in the other information,
we are obliged to report it. We have nothing to report on this.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 2.85pt; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #D04A02"><B>Responsibilities of the Board of Directors and the Audit Committee in relation to the consolidated financial statements</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Management of Pampa Energ&iacute;a S.A. is responsible for the preparation
and fair presentation of the consolidated financial statements in accordance with IFRS and for such internal control as management determines
is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud
or error.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In preparing the consolidated financial statements, the Board is responsible
for assessing the Group&#8217;s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Board either intends to liquidate the Group or to cease operations, or has no realistic
alternative but to do so.</P>


<!-- Field: Page; Sequence: 6; Options: NewSection; Value: 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%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="pamfs4q226k_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt">Free translation from the original prepared in Spanish for publication in Argentina</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Those charged with the Audit Committee are responsible for overseeing
the Group&#8217;s financial reporting process.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 2.85pt; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #D04A02"><B>Auditor&#8217;s responsibilities for the audit of the consolidated financial statements</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Our objectives are to obtain reasonable assurance about whether the
consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor&#8217;s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these consolidated financial statements.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">As part of an audit in accordance with ISAs, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Identify and assess the risks of material misstatement of
the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Evaluate the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related disclosures made by management. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Conclude on the appropriateness of management&#8217;s use
of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Company&#8217;s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor&#8217;s report to the related disclosures in the consolidated financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor&#8217;s report. However, future events or conditions may cause the Company to cease to continue as a going
concern. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Evaluate the overall presentation, structure and content of
the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Noto Sans Symbols; font-size: 9pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Obtain sufficient and appropriate elements of judgment in
relation to the financial information of the entities or business activities within the Company to express an opinion on the consolidated
financial statements. We are responsible for the direction, supervision and performance of the audit of the Group. We are solely responsible
for our audit opinion.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">We communicate with those charged with the Audit Committee of the
Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">We also provide those charged with the Audit Committee of the Company
with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats
or safeguards applied.</P>


<!-- Field: Page; Sequence: 7; Options: NewSection; Value: 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%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="pamfs4q226k_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt">Free translation from the original prepared in Spanish for publication in Argentina</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">From the matters communicated with those charged with the Audit Committee
of the Company, we determine those matters that were of most significance in the audit of the consolidated financial statements of the
current period and are therefore the key audit matters. We describe these matters in our auditor&#8217;s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated
in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>Report of compliance with regulations in force</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 14pt 0">In compliance with regulations in force, we report that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">a)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the consolidated financial statements of Pampa Energ&iacute;a
S.A. are recorded in the book &quot;Inventories and Balances&quot; and comply, in what is a matter of our competence, with the provisions
of the General Law of Companies and the pertinent resolutions of the National Securities Commission;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">b)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the individual financial statements of Pampa Energ&iacute;a
S.A. arise from accounting records carried in their formal aspects in accordance with legal provisions, which maintain the security and
integrity conditions on the basis of which they were authorized by the National Securities Commission;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">c)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">as of December 31, 2022, the debt accrued in favor of the
Argentine Integrated Pension System of Pampa Energ&iacute;a S.A. that arises from its accounting records and calculations amounted to
$ 533 million, not being due as of that date;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">d)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">as required by article 21, subsection b), Chapter III, Section
VI, Title II of the regulations of the National Securities Commission, we report that the total fees for auditing and related services
billed to Pampa Energ&iacute;a S.A. during the year ended December 31, 2022 account for:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">d1)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100% of the total fees for services billed to Pampa Energ&iacute;a
S.A. for all items during that year;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">d2)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67.6% of the total fees for auditing and related services
billed to Pampa Energ&iacute;a S.A., its parent companies, subsidiaries and related companies during that year;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">d3)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67.0% of the total fees for services billed to Pampa Energ&iacute;a
S.A., its parent company, subsidiaries and related companies for all items during that year;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">e)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">we have applied the procedures on the prevention of money
laundering and financing of terrorism for Pampa Energ&iacute;a S.A. provided for in the corresponding professional standards issued by
the Professional Council of Economic Sciences of the Autonomous City of Buenos Aires.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Autonomous City of Buenos Aires, March 09, 2023</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 27%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PRICE WATERHOUSE &amp; CO. S.R.L.</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">(Partner)</P></TD>
    <TD STYLE="width: 73%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">Carlos Mart&iacute;n Barbafina</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>



<P STYLE="font: bold 10pt/120% Georgia, Times, Serif; margin: 0; text-align: left"></P>


<!-- Field: Page; Sequence: 8; Options: NewSection; Value: 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%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>GLOSSARY
OF TERMS</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following are not technical definitions, but they are helpful for the reader&#8217;s understanding of some terms used in the notes to
the Consolidated Financial Statements of the Company.</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 68%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADR</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">American Depositary Receipt</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AFIP</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal Administration of Public Revenue&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BCRA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Argentina&rsquo;s Central Bank</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BNA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banco de la Naci&oacute;n Argentina</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BO</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Official Gazette</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAMMESA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compa&ntilde;&iacute;a Administradora del Mercado El&eacute;ctrico
    Mayorista S.A.</FONT></TD></TR>
    <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CB</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Bonds</FONT></TD></TR>


  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Combined Cycle&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CGU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash-Generating Unit</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CIESA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compa&ntilde;&iacute;a de Inversiones de Energ&iacute;a
    S.A.</FONT></TD></TR>
    <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CISA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comercializadora e Inversora S.A</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citelec</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compa&ntilde;&iacute;a Inversora en Transmisi&oacute;n
    El&eacute;ctrica Citelec S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CNV</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">National
    Securities Commission of Argentina</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CPB</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Piedra Buena thermal power plant</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CPI</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumer's price index</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSJN</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Argentina&rsquo; Supreme Court of Justice</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTB </FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CT
    Barrag&aacute;n S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTEB&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ensanada Barrag&aacute;n thermal power plant</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTG</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G&uuml;emes thermal power plant</FONT> </TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTGEBA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Genelba thermal power plant</FONT> </TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTLL</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loma La Lata thermal power plant</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EcuadorTLC / PB 18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EcuadorTLC S.A. (currently Pampa Bloque 18)</FONT></TD></TR>
</TABLE>

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


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

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


<!-- Field: Page; Sequence: 9; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 68%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD></TR>
 <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Edenor</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empresa Distribuidora y Comercializadora Norte S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMESA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empresa Mendocina de Energ&iacute;a S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENARGAS</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">National Regulator of Gas</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENARSA / IEASA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Integraci&oacute;n Energ&eacute;tica Argentina S.A.
    (before Energ&iacute;a Argentina S.A.)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENRE&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">National Regulatory Authority of Electricity<FONT STYLE="font-style: normal; font-weight: 400">&nbsp;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GASA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generaci&oacute;n Argentina S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greenwind</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greenwind S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large users</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GU300</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large users with demand greater than 300 kW</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUDI</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributors&#8217; large users</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GyP</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gas y Petr&oacute;leo del Neuqu&eacute;n S.A.P.E.M.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HI</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hydroelectric</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HIDISA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hidroel&eacute;ctrica Diamante S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HINISA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hidroel&eacute;ctrica Los Nihuiles S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IAS</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International Accounting Standards&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IASB</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International Accounting Standards Board</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IFRIC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International Financial Reporting Interpretations Committee</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IFRS</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International Financial Reporting Standards</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">National Institute of Statistics and Censuses&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IPIM</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wholesale Domestic Price Index&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LGS</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Argentine Business
    Organizations Law</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LNG</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquefied Natural Gas&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAT&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WEM&rsquo;s Forward Market&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATER</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renewable Energy Forward Market&nbsp;</FONT></TD></TR>

  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MBTU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Millon of BTU</FONT></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Terms</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; width: 68%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitions</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MEyM</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ministry of Energy and Mining&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MLC&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign Exchange Market</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MW&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Megawatt</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NYSE</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York Stock Exchange</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">OCP</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Oleoductos de Crudos Pesados Ltd</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">OCPSA</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Oleoductos de Crudos Pesados S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Oldelval</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Oleoductos del Valle S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PE Arauco</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Arauco Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PEB</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pampa Energ&iacute;a Bolivia S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PEN</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">National Executive Branch</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PEPE II</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pampa Energ&iacute;a II Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PEPE III</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pampa Energ&iacute;a III Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PEPE IV</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pampa Energ&iacute;a IV Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PEPE VI</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pampa Energ&iacute;a VI Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Petrobras</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Petrobras Argentina S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">PISA</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pampa Inversiones S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Refinor</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Refiner&iacute;a del Norte S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">RTI</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tariff Structure Review&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">RTT</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Transitional Tariff Regime</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">SACDE</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Argentine Society of Construction and
    Strategic Development</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Secretary of Energy&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">SEC</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif">Security and Exchange Commission</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TG</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gas Turbine</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TGS</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transportadora de Gas del Sur S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company / Pampa</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pampa Energ&iacute;a S.A.</FONT></TD></TR>
</TABLE>

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



<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 68%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 68%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pampa Energ&iacute;a S.A. and its subsidiaries</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TJSM</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termoel&eacute;ctrica Jos&eacute; de San Mart&iacute;n
    S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMB</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termoel&eacute;ctrica Manuel Belgrano S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transba</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empresa de Transporte de Energ&iacute;a
    El&eacute;trica por Distribuci&oacute;n Troncal de la Provincia de Buenos Aires Transba S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transener</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TV</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vapor Turbine</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. dollar</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VAR</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vientos de Arauco Renovables S.A.U.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VAT</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value Added Tax</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VRD</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt securities</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VS SLU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vientos Solutions S.L.U.</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WACC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted Average Cost of Capital</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WEM</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wholesale Electrical Market&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">YPF</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">YPF S.A.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME</FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
the years ended December 31, 2022, 2021 and 2020</B></FONT></P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white; width: 49%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%">Note</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 13%">12.31.2022</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 13%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 13%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Revenue</TD>
    <TD STYLE="font-weight: bold; text-align: center">8</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">242,182</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">144,641</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">76,775</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="font-weight: bold; text-align: center">9</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(150,891)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(91,342)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(46,850)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Gross profit</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">91,291</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">53,299</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">29,925</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.1</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(7,218)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,156)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,828)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.2</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(18,708)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(9,507)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,588)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Exploration expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.3</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(50)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(61)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(29)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.4</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">19,066</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10,196</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,628</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.4</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(5,952)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(5,360)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,550)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">11.1, 11.2 and 11.4</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(4,925)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(332)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(10,351)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,142)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(220)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(560)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="font-weight: bold; text-align: center">5.2.2</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">16,089</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">11,567</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6,551</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Operating income&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">88,451</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">56,426</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">18,198</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.5</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">768</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">847</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">686</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.5</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(30,488)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(17,512)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(12,528)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Other financial results</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.5</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">25,558</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">(1,545)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">6,131</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Financial results, net</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(4,162)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(18,210)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(5,711)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Profit before income tax</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">84,289</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">38,216</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">12,487</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.6</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(19,389)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(7,301)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,122)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Profit of the year from continuing operations</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">64,900</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">30,915</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">9,365</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Loss of the year from discontinued operations</TD>
    <TD STYLE="font-weight: bold; text-align: center">5.1.1</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(7,129)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(49,333)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Profit (Loss) of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right">64,900</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right">23,786</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right">(39,968)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Other comprehensive income</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: left; background-color: white">Items that will not be reclassified to profit or loss</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Exchange differences on translation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">151,761</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">26,051</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">33,461</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Results related to defined benefit plans</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,598)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(259)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">117</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">559</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">91</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(29)</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: left; background-color: white">Items that may be reclassified to profit or loss</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Exchange differences on translation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">7,132</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">9,318</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(719)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Other comprehensive income of the year from continuing operations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">157,854</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">35,201</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">32,830</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other comprehensive income of the year from discontinued operations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">5.1.1</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">11,375</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">20,866</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Other comprehensive income of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">157,854</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">46,576</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">53,696</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total comprehensive income of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">222,754</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">70,362</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">13,728</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
the years ended December 31, 2022, 2021 and 2020</B></FONT></P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 49%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%">Note</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 13%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 13%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 13%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Total income (loss) of the year attributable to:</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Owners of the Company</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">64,859</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27,097</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(31,447)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Non-controlling interest</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">41</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,311)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(8,521)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">64,900</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">23,786</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(39,968)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Total income (loss) of the year attributable to owners of the Company:</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Continuing operations&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">64,859</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">30,823</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">9,952</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Discontinued operations&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,726)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(41,399)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">64,859</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">27,097</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(31,447)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Total comprehensive income of the year attributable to:</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Owners of the Company</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">222,181</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">66,456</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,937</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Non-controlling interest</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">573</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,906</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,791</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">222,754</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">70,362</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">13,728</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Total comprehensive income (loss) of the year attributable to owners of the Company:</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Continuing operations&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">222,181</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">65,926</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">42,118</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Discontinued operations&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">530</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(30,181)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">222,181</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">66,456</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">11,937</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Earnings (Loss) per share attributable to equity holders of the Company</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Basic and diluted earnings per share from continuing operations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">13.2</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">46.97</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">21.94</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6.33</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Basic and diluted loss per share from discontinued operations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">13.2</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2.65)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(26.34)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Total basic and diluted earnings (loss) per share&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">13.2</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">46.97</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19.29</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(20.00)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
accompanying notes are an integral part of these Consolidated Financial Statements.</FONT></P>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">CONSOLIDATED
STATEMENT OF FINANCIAL POSITION</FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>As
of December 31, 2022 and 2021</B></FONT></P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; width: 62%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 6%">Note</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">ASSETS</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">NON-CURRENT ASSETS</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.1</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">383,464</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">170,390</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Intangible assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.2</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">24,364</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,956</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Right-of-use assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">20.1.1</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,521</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,231</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Deferred tax asset</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.3</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,326</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,675</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Investments in associates and joint ventures</TD>
    <TD STYLE="font-weight: bold; text-align: center">5.2.2</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">159,833</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">79,500</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial assets at amortized cost</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.1</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18,000</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,821</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.2</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,867</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,998</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">91</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">61</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Trade and other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.3</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,415</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,379</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total non-current assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">601,881</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">281,011</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&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: bottom; text-align: left">CURRENT ASSETS</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Inventories</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.4</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30,724</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15,888</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial assets at amortized cost</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.1</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,357</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">537</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.2</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">103,856</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">47,026</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">161</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Trade and other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.3</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">83,328</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">40,892</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.4</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18,757</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,283</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total current assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">238,183</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">115,642</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">840,064</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">396,653</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: center; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>As
of December 31, 2022 and 2021</B></FONT></P>

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; width: 62%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 6%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">SHAREHOLDERS&acute; EQUITY</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Share capital</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">13.1</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,380</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,382</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Share capital adjustment</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,231</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,245</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Share premium</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19,950</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19,950</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Treasury shares</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">13.1</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Treasury shares adjustment</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">21</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">21</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Treasury shares cost</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,280)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(238)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Legal reserve</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,137</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,203</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Voluntary reserve</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">171,243</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">54,528</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other reserves</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(448)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(550)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other comprehensive income</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">113,720</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">51,432</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Retained earnings&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">84,505</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">44,454</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Equity attributable to owners of the company</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">403,463</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">183,431</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Non-controlling interest</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,157</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">609</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total equity</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">404,620</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">184,040</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">LIABILITIES</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">NON-CURRENT LIABILITIES</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Investments in joint ventures</TD>
    <TD STYLE="font-weight: bold; text-align: center">5.2.2</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">386</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Provisions</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.5</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">26,062</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14,444</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Income tax and minimum notional income tax provision</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.6</TD>
    <TD STYLE="color: white; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">31,728</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">19,287</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Deferred tax liability</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.3</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19,854</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Defined benefit plans</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.8</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,908</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,419</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.5</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">237,437</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">139,630</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Trade and other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.6</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,757</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,340</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total non-current liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">323,746</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">177,506</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">CURRENT LIABILITIES</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Provisions</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.5</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">779</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">560</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Income tax liability</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.6</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">927</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,098</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Tax liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.7</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,966</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,314</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Defined benefit plans</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.8</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,021</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">515</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.9</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,627</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,876</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">318</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.5</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">48,329</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,165</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Trade and other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.6</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">49,731</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18,561</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total current liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">111,698</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">35,107</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">435,444</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">212,613</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total liabilities and equity</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">840,064</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">396,653</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; color: Red; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
accompanying notes are an integral part of these Consolidated Financial Statements.</FONT></P>

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


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY</FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
the years ended December 31, 2022, 2021 and 2020</B></FONT></P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="23" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Attributable to owners</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Equity holders of the company</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Retained earnings</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; width: 27%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 4%">Share capital</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Share capital adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Share premium</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 4%">Treasury shares</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Treasury shares adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 4%">Treasury shares cost</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Legal reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Voluntary reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Other reserves</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Other comprehensive income</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Retained earnings (Accumulated losses)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Subtotal</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Non-controlling interest</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Total equity</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Balance as of December 31, 2019</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">1,677</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">9,826</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">19,570</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">71</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">27</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">(2,527)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,753</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">17,727</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">(771)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">15,668</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">51,844</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">114,865</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">29,397</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">144,262</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Legal and voluntary reserve constitution</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,950</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">49,894</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(51,844)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Capital reduction</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(293)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,224)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">9,239</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,722)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,546)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,546)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Stock compensation plans</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(12)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">45</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">12</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">45</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">45</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Treasury shares acquisition</TD>
    <TD STYLE="text-align: right">(227)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,224)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">392</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">227</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,224</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,992)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(6,600)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(492)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(7,092)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Dividens ditribution</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(519)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(519)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Loss of the year</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(31,447)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(31,447)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(8,521)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(39,968)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Other comprehensive income of the year</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">13,762</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">29,622</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">43,384</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10,312</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">53,696</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Balance as of December 31, 2020</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,451</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">7,605</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">19,950</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">24</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(235)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">3,703</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">60,899</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(759)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">29,430</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(1,825)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">120,247</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">28,631</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">148,878</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Legal and voluntary reserve constitution</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,500</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,325)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,825</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Capital reduction</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(69)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(363)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,478</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,046)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Stock compensation plans</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">25</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">209</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">234</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">234</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Treasury shares acquisition</TD>
    <TD STYLE="text-align: right">(69)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(362)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">69</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">362</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,506)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(3,506)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,506)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Sale of subsidiary&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(31,928)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(31,928)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Profit (Loss) of the year</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">27,097</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,097</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,311)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">23,786</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Other comprehensive income of the year</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">22,002</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">17,357</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">39,359</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">7,217</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">46,576</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Balance as of December 31, 2021</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,382</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">7,245</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">19,950</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">21</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(238)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">5,203</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">54,528</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(550)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">51,432</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">44,454</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">183,431</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">609</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">184,040</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->





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

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
the years ended December 31, 2022, 2021 and 2020</B></FONT></P>

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center">Attributable to owners</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Equity holders of the company</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Retained earnings</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white; width: 27%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Share capital</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Share capital adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Share premium</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 4%">Treasury shares</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Treasury shares adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 4%">Treasury shares cost</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Legal reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Voluntary reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Other reserves&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Other comprehensive income</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Retained earnings</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Subtotal</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Non-controlling interest</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Total equity</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance as of December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,382</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7,245</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19,950</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(238)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,203</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">54,528</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(550)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">51,432</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">44,454</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">183,431</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">609</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">184,040</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Legal and voluntary reserve constitution</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(485)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">44,939</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(44,454)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Capital reduction</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(14)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">209</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(193)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Treasury shares acquisition</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(14)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2,251)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2,251)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2,251)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Dividens ditribution</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(25)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(25)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Stock compensation plans</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">102</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">102</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">102</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Profit of the year</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">64,859</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">64,859</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">41</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">64,900</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other comprehensive income of the year</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,419</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">71,969</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">62,288</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">19,646</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">157,322</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">532</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">157,854</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Balance as of December 31, 2022</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,380</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">7,231</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">19,950</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">21</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(2,280)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">8,137</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">171,243</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(448)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">113,720</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">84,505</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">403,463</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,157</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">404,620</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The accompanying
notes are an integral part of these Consolidated Financial Statements.&nbsp;</FONT></P>

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 18; Options: NewSection; Value: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">CONSOLIDATED
STATEMENT OF CASH FLOWS</FONT></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
the years ended December 31, 2022, 2021 and 2020</B></FONT></P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify; background-color: white; width: 47%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 13%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 12%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 12%">12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 12%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Cash flows from operating activities:</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Profit of the year from continuing operations</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">64,900</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30,915</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,365</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Adjustments to reconcile net profit to cash flows from operating activities:</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">14.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">37,544</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">34,388</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27,230</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Changes in operating assets and liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">14.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(21,247)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4,325)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,679)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Net cash generated by operating activities from discontinued operations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">5.1.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,051</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,716</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Net cash generated by operating activities</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">81,197</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">72,029</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">51,632</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Cash flows from investing activities:</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payment for property, plant and equipment acquisitions</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(51,919)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(19,509)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(8,402)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payment for intangible assets acquisitions</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,616)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(359)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Payment for public securities and shares acquisitions, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11,243)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(23,079)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4,393)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Recovery of investment funds, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,120</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,789</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,579</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Payment for the acquisition of subsidiaries and associates</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(19,238)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,597)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(190)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Early collection for sale of subsidiary</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">424</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Collection for equity interests in companies sales</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,977</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,886</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Collections for property, plant and equipment sales</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">72</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">67</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">38</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Collections for intangible assets sales</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,380</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">516</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Dividends received</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,240</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,774</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">195</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Collection of loans</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,172</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,576</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">437</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Net cash used in investing activities from discontinued operations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">5.1.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15,857)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7,219)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Net cash used in investing activities</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">(75,055)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">(45,793)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">(15,531)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Cash flows from financing activities:</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Proceeds from borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">12.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42,148</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18,929</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">25,253</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Payment of&nbsp;&nbsp;borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">12.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(19,266)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(32,749)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(20,514)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Payment of&nbsp;&nbsp;borrowings interests</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">12.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(21,633)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(13,002)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(12,435)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payment for treasury shares acquisition</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,251)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,506)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7,092)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Repurchase and redemption of corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">12.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,621)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(313)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6,747)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payments of leases</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(411)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(462)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(149)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payments of dividends</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(30)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(586)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Payments to third parties for capital reduction of subsidiaries</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,575)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Net cash used in financing activities from discontinued operations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">5.1.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(701)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6,152)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Net cash used in financing activities</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">(5,064)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">(31,804)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">(29,997)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Increase (Decrease) in cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">1,078</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">(5,568)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">6,104</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Cash and cash equivalents at the beginning of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">12.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,283</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,900</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13,496</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Cash and cash equivalents at the beginning of the year reclasified to assets classified as held for sale</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,362</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Cash and cash equivalents at the end of the year reclasified to assets classified as held for sale</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4,362)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Exchange and conversion difference generated by cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,396</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">589</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,338)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Increase (Decrease) in cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,078</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5,568)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,104</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Cash and cash equivalents at the end of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">12.4</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">18,757</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">11,283</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">11,900</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: center; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The accompanying
notes are an integral part of these Consolidated Financial Statements.</FONT></P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the years ended December 31, 2022, 2021 and 2020</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
1</U>: GENERAL INFORMATION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.1
General information of the Company</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the generation segment, the Company, directly and through its subsidiaries and joint ventures, has a 5,088 MW installed capacity as of
December 31, 2022, which represents approximately 12% of Argentina&#8217;s installed capacity, and being one of the four largest independent
generators in the country. Additionally, the Company is currently undergoing a process to expand its installed capacity by an additional
437.5 MW.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the oil and gas segment, the Company develops an important activity in gas and oil exploration and production, with operations in 13
production areas and 5 exploratory areas reaching a production level of 9.8 million m3/day of natural gas and 5.3 thousand boe/day of
oil in Argentina, as of December 31, 2022. Its main natural gas production blocks are located in the Provinces of Neuqu&eacute;n and
R&iacute;o Negro.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the petrochemicals segment, operations are located in Argentina, where the Company operates 2 high-complexity plants producing styrene,
synthetic rubber and polystyrene, with a domestic market share ranging between 94% and 100%.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
through the holding and others segment, the Company participates in the electricity transmission and oil and gas transportation businesses.
In the transmission business, the Company jointly controls Citelec, which has a controlling interest in Transener, a company engaged
in the operation and maintenance of a 21,697 km high-voltage electricity transmission network in Argentina with an 86% share in the Argentine
electricity transmission market. In the gas transportation business, the Company jointly controls CIESA, which has a controlling interest
in TGS, a company holding a concession for the transportation of natural gas with 9,233 km of gas pipelines in the center, west and south
of Argentina, and which is also engaged in the processing and sale of natural gas liquids through the Cerri Complex, located in Bah&iacute;a
Blanca, in the Province of Buenos Aires, in addition to shale gas transportation and conditioning at Vaca Muerta. Besides, the Company
owns a 30.1% indirect interest in OCP, licensee company of an oil pipeline in Ecuador that has a transportation capacity of 450 thousand
barrels/day. Additionally, the segment includes advisory services provided to related companies.</FONT></P>


<!-- Field: Page; Sequence: 20; Options: NewSection; Value: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.2 Economic context</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company operates in a complex economic context which main variables experience volatility as a result of political and economic events
both in the domestic and international spheres.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
the domestic level, in the first quarter of 2022 Argentina and the International Monetary Fund reached an agreement defining tax and
monetary goals for the country and agreeing on the refinancing of debt maturities. However, monthly inflation levels and depreciation
of the peso against the U.S. dollar have remained high, and exchange restrictions have remained in force and even tightened (see Note
2.5), continuing to affect the foreign currency value.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
the international level, Russia&#8217;s invasion to Ukraine in early 2022 entailed an important global destabilization factor, which
mainly resulted in lower growth expectations and increased inflation due to increased prices of food and energy (mainly oil and natural
gas).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
increase in international energy prices may adversely affect Argentina&#8217;s fiscal balance. In this respect, it is worth highlighting
that the Argentine Government, aiming to substitute fuel imports and strengthen the domestic supply, has promoted a project of the construction
of the N&eacute;stor Kirchner Gas Pipeline, which would allow for increasing transportation capacity by 24 million cubic meters of gas
per day through the installation and mounting of a total 1,020 km pipeline, in two stages: the first one, providing for the construction
of 553 kilometers to supply the Buenos Aires metropolitan area, and the second, for the construction of 467 additional kilometers to
supply large urban centers in central and northern Argentina with unconventional gas generated in the Vaca Muerta block, in the Province
of Neuqu&eacute;n. In 2022, ENARSA tendered and awarded the different tranches making up the first stage of the gas pipeline to the companies
in charge of its construction, with an estimated US$ 1,500 million cost to be financed with national treasury funds and the wealthiest
segment&#8217;s solidarity contribution. As of the issuance of these Consolidated Financial Statements, the first construction stage
is underway, and commissioning is expected for June 2023 &#8212;concurrently with the peak winter demand, with an associated transportation
capacity of 11 million cubic meters of gas per day. In addition to the original scheme, ENARSA decided to incorporate the construction
and installation of two turbochargers that would allow for increasing capacity to 20 million cubic meters of gas per day for the first
stage. In parallel, the Government announced the extension of Gas Plan (see Note 2.2.4.1.2) to provide producing companies with the incentives
and terms necessary to make investments allowing for the gas production increase required to inject and fill the pipeline from June 2023.</FONT></P>

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


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Regarding
the energy industry, the sustained inflation increase and increased political-economic uncertainty have affected the electricity distribution
company&#8217;s payment chain, added to deferrals in the National Treasury contributions, as a result of which CAMMESA has recorded delays
in payment terms to generators and hydrocarbon producers exceeding 90 days in August 2022. Moreover, on June 16, 2022, PEN Executive
Order No. 332/22 established a subsidies segmentation system for electricity and natural gas utility residential customers. Under it,
the Argentine Government, which currently covers an average of 70% of the cost of energy, has launched an initiative to reach fairer
and more reasonable tariffs with a subsidies reduction and distribution scheme based on each household&#8217;s economic capacity, providing
that the highest-income segment should verify a gradual subsidies&#8217; reduction until fully covering the cost of energy by the end
of 2022.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Argentine economy registered a cumulative growth of 6.4% and 10.8% in the Gross Domestic Product in the third quarter of 2022 and 2021,
respectively, a 94.8% and 50.9% cumulative inflation (CPI) for fiscal years 2022 and 2021, respectively, and a 72.5% and 22.1% depreciation
of the peso against the U.S. dollar for 2022 and 2021, respectively, according to BNA&#8217;s exchange rate.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
context of volatility and uncertainty continues as of the date of issuance of these Consolidated Financial Statements.</FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
2</U>: REGULATORY FRAMEWORK</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Generation</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1.1
<U>Generation units</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s revenues related to this segment come from: i) sales contracts with large users within the MAT (Resolutions No. 1,281/06
and No. 281/17); ii) supply agreements with CAMMESA (Resolutions No. 220/07, No. 21/16, No. 287/17 and Renovar Programs) and iii) sales
to the Spot market pursuant to the provisions applicable within the WEM administered by CAMMESA (SE Resolution No. 31/20 as from February
2020, SE Resolution No. 440/21 as from February 2021, SE Resolution No. 238/22 as from February 2022 and SE Resolution No. 826/22 as
from September 2022). The Company&#8217;s generating units, held directly and through its subsidiaries and joint ventures, are detailed
below:</FONT></P>

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


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">In operation as of 12.31.2022:</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-size: 11pt; font-weight: bold; width: 16%; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 22%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 23%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 29%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border: Black 0.5pt solid; text-align: center">Generator</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Generating unit</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Tecnology</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Power</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Applicable regime <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GUEMTG01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">TG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">&nbsp;100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Energy Plus Res. No. 1,281/06</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GUEMTV11</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">&le;100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GUEMTV12</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&le;100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GUEMTV13</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&gt;100 MW&nbsp;</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Piquirenda</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">PIQIDI 01-10</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">MCI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">30 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CPB</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">BBLATV29</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&gt;100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CPB</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">BBLATV30</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&gt;100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CT Ing. White</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">BBLMD01-06</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">MCI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 21/16&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTLL</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">LDLATG01/TG02/TG03/TV01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">CC</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&gt;150 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTLL</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">LDLATG04</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&nbsp;105 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Res. No 220/07 (75%)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTLL</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">LDLATG05</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&nbsp;105 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 21/16</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTLL</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">LDLMDI01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">MCI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">15 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTGEBA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GEBATG01/TG02/TV01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">CC</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&gt;150 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTGEBA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GEBATG03</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">169 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Energy Plus Res. No. 1,281/06</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTGEBA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GEBATG03/TG04/TV02</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">CC</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">400 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 287/17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Ecoenerg&iacute;a</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">CERITV01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">14 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Energy Plus Res. N&deg; 1,281/06</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CT Parque Pilar</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">PILBD01-06</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">MCI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 21/16&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTB</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">EBARTG01 - TG02</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">TG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">&gt;50 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.2pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">HIDISA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">AGUA DEL TORO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">HI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">HI &ndash; Media&nbsp;120&lt;P&le;300</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">HIDISA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">EL TIGRE</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">HR</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Renewable&nbsp;&nbsp;&le; 50</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">HIDISA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">LOS REYUNOS</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">HB</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">HB &ndash; Media 120&lt;P&le;300</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">HINISA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">NIHUIL I - II - III</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">HI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">HI &ndash; Small &nbsp;50&lt;P&le;120</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">HPPL</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">PPLEHI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">HI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">HI &ndash; Media&nbsp;120&lt;P&le;300</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 826/22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">P.E. M. Cebreiro</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">CORTEO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Wind</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Renovar</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PEPE II</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">PAMEEO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">Wind</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">53 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">MATER Res. No. 281/17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PEPE III</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">BAHIEO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">Wind</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">53 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">MATER Res. No. 281/17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PEPE IV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">BAHIEO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">Wind</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">18 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">MATER Res. No. 281/17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PE Arauco</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">AR21EO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; background-color: white">Wind</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">99.75 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Renovar</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="5" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP> Surplus power capacity and energy are remunerated in the spot market.&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="5" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP> During the month of April 2022 the contract under Resolution No. 220/07 of CTB have ended, since then, power and energy have been remunerated in the spot market.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">In construction:</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border: Black 0.5pt solid; text-align: center">Generator</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Tecnology</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Capacity</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Applicable regime</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTB</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">CC&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">280 MW</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 220/07</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PEPE IV</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Wind</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">63 MW</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">MATER Res. No. 281/17</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PEPE VI</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Wind</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">94.5 MW</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">MATER Res. No. 281/17</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1.2
<U>Sales contracts with large users within the MAT</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.2.1
Energy Plus</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Aiming
to encourage new generation works, in 2006, the SE approved Resolution No. 1,281/06 in which established a specific regime which remunerates
newly installed generation sold to a certain category of Large Users at higher prices.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Energy Plus service consists of the offer of additional generation availability by generators, co-generators and self-generators which,
as of the date of publication of SE Resolution No. 1,281/06, were not WEM agents or did not have facilities or an interconnection with
the WEM. Considering that:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#9;These
plants should have fuel supply and transportation facilities;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#9;The
energy used by GU300 in excess of the base demand (energy consumption for 2005 year) qualifies for Energy Plus agreements within the
MAT at a price negotiated between the parties; and</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#9;For
new GU300 entering the system, their base demand will equal zero.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
a generator cannot meet the power demand by an Energy Plus customer, it should purchase that power in the market at the operated marginal
cost, or, alternatively, support the committed demand in case of unavailability through agreements with other Energ&iacute;a Plus generators.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Currently,
the Company has Power Availability agreements in force with other generators whereby, in case of unavailability, it may purchase or sell
power to support the contracts mutually.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Furthermore,
the SE, through Note No. 567/07, as amended, established that GU300 not purchasing their surplus demand in the MAT should pay the Average
Incremental Charge of Surplus Demand (&#8220;CMIDE&#8221;). As from the month of June 2018, pursuant to SE Note No. 28663845/18, the
CMIDE became the greater of $1,200/MWh or the temporary dispatch surcharge.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
this regime, the Company &#8212;through its power plants G&uuml;emes, EcoEnerg&iacute;a and Genelba&#8212; sells its energy and power
capacity for a maximum amount of 283 MW. The values of Energy Plus contracts are mostly denominated in U.S. dollars.</FONT></P>

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


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.2.2
Renewable Energy Term Market (&#8220;MATER&#8221; Regime)</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to Resolution No. 281/17, the MEyM regulated the MATER Regime with the purpose of setting the conditions for large users within the WEM
and WEM distributing agents&#8217; large users covered by Section 9 of Law No. 27,191 to meet their demand supply obligation from renewable
sources through the individual purchase within the MATER from renewable sources or self-generation from renewable sources.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Projects
destined to the supply of electric power from renewable sources under the MATER Regime may not be covered by other remuneration mechanisms,
such as the agreements under the Renovar rounds. Surplus energy is sold in the spot market.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
contracts executed under the MATER Regime are administered and managed in accordance with the WEM procedures. The contractual terms &#8212;life,
allocation priorities, prices and other conditions, notwithstanding the maximum price set forth in Section 9 of Law No. 27,191&#8212;
are freely agreed between the parties, although the committed electricity volumes are limited by the electric power from renewable sources
produced by the generator or supplied by other generators or suppliers with which it has purchase agreements in place.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Resolution
No. 370/22 was passed on May 16, 2022, which expanded the MATER system allowing for the sale of renewable energy under this system to
meet the GUDI and distribution utility company&#8217;s demand.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
this resolution, the Company, through its PEPE II, III and IV wind farms, sells energy for up to 124 MW. Additionally, the Company has
started selling third-party generators&#8217; renewable energy for an approximate volume of 2 MW.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">After
the fiscal year closing, took place the commissioning of 4 additional wind turbines with an incremental capacity of 18 MW. For further
information regarding PEPE IV project, see Note 18.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.2.3
MATER dispatch priority</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
Resolution No. 551/21 published on June 16, 2021 modified the dispatch priority maintenance system established by Resolution No. 281/17.
Overall, it replaces the granting of a security for the maintenance of the dispatch priority by the payment of a quarterly installment
of US$&nbsp;500/MW until commissioning within the declared term or a maximum term of 24 months as from the priority assignment. It also
established certain conditions for obtaining an extension in the committed commissioning date, which, according to the project development
level and the requested extension term, requires a payment between 500 and 1,500 US$/MW/month.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
it allows projects with an assigned dispatch priority but not yet commissioned to continue their execution keeping the dispatch priority,
or to waive such priority, thus releasing the transmission capacity.</FONT></P>

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


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company, as owner of the Wind Farm project, located in Las Armas, Province of Buenos Aires, notified its decision to waive the timely
granted dispatch priority, and recovered the security it had provided. As a result, CAMMESA notified that the already initiated execution
of the security was determined to be moot as it had no further claim against the Company; therefore, as of September 30, 2021, the amount
of US$ 12.5 million recorded for to such effect was recovered and disclosed under the item &#8220;Other operating income&#8221; of the
Consolidated Statement of Comprehensive Income.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the MATER calls for tenders for the third quarter of 2021 and 2022, the Company was awarded a 36 MW and 41 MW dispatch priority, respectively,
for the expansion of the PEPE III wind farm. For further information on the extension project aforementioned, see Note 18.1.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1.3
<U>Supply Agreements with CAMMESA</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.3.1
SE Resolution No. 220/07 </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Aiming
to encourage new investments to increase the generation offer, the SE passed Resolution No. 220/07, which empowers CAMMESA to enter into
220 Agreement with WEM Generating Agents for the energy produced with new equipment. These will be long-term agreements and the price
payable by CAMMESA should compensate for the investments made by the agent at a rate of return to be accepted by the SE.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Within
the framework of this resolution, the Company has remunerated units under 220 agreements for 79 MW and 280 MW, through Loma la Lata thermal
power plant and as from the closing to combined cycle&#8217;s commissioning at Ensenada de Barrag&aacute;n thermal power plant, owned
by CTB, respectively (see Note 5.2.3).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.3.2
SE Resolution No. 21/16</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
a result of the state of emergency in the national electricity sector, on March 22, 2016, the SE issued Resolution No. 21/16 calling
for parties interested in offering new thermal power generation capacity with the commitment to making it available through the WEM for
the 2016/2017 summer, 2017 winter, and 2017/2018 summer periods.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the awarded projects, wholesale power purchase agreements were entered into with CAMMESA for a term of 10 years, with a remuneration
made up of the available power capacity price plus the variable non-fuel cost for the delivered energy and the fuel cost (if appropriate),
less penalties and fuel surpluses. Surplus power capacity is sold in the spot market.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to this resolution, the Company, through its Loma de la Lata, Ingeniero White and Pilar thermal power plants, has effective agreements
with CAMMESA for the sale of energy and power capacity for a total 305&nbsp;MW.</FONT></P>

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

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


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.3.3
SE Resolution No. 287/17 </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 10, 2017 the SE issued Resolution No. 287/17 launching a call for tenders for co-generation projects and the closing to CC over existing
equipment. The projects should have low specific consumption (lower than 1,680 kcal/kWh with natural gas and 1,820 kcal/kWh with alternative
liquid fuels), and the new capacity should not exceed the existing electric power transmission capacity; otherwise, the cost of the necessary
extensions will be borne by the bidder.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to this regulation, the Company, through its Genelba thermal power plant, has entered into a wholesale power purchase agreement with
CAMMESA for the sale of energy and power capacity for a total 400 MW, for a term of 15 years.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.3.4
Renovar Programs</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
order to meet the objectives, set by Law No. 26,190 and Law No. 27,191 promoting the use of renewable sources of energy, the MEyM called
for open rounds for the hiring of electric power from renewable sources (Renovar Programs, Rounds 1, 1.5 and 2) within the WEM. These
calls aimed to assign power capacity contracts from different technologies (wind energy, solar energy, biomass, biogas and small hydraulic
developments with a power capacity of up to 50 MW).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the awarded projects, renewable electric power supply agreements were executed for the sale of an annual committed electric power block
for a term of 20 years.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
several measures were established to promote the construction of projects for the generation of energy from renewable sources, including
tax benefits (advance VAT reimbursement, equipment&#8217;s accelerated depreciation in the income tax, import duty exemptions, etc.)
and the creation of a fund for the development of renewable energies destined, among other objectives, to the granting of loans and capital
contributions for the financing of such projects.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 27, 2021, the SE passed Resolution No. 1,260/21 to address issues regarding the projects under the different Renovar rounds
that did not meet committed commissioning terms. Upon satisfaction of certain conditions, the resolution gives project awardees the option
to: i) terminate the current contract with CAMMESA against the payment of a sum of money; ii) amend the contract and extend the term
for commissioning against a reduction in the contract price and term; iii) commission the project for a power capacity lower than that
committed initially.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the Renovar programs, the Company, through Greenwind, has a supply contract in place with CAMMESA for a total of 100 MW, and in December
2022 it incorporated an additional 99.75 MW following the acquisition of Arauco wind farm (see Note 5.1.5).</FONT></P>

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


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.3.5
RenMDI Call </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
Resolution No. 36/23 launched a national and international call for tenders to select renewable energy generation projects with a twofold
objective: i) the substitution of forced generation (line 1) and ii) the diversification of the energy matrix (line 2). The tender form
establishes the following maximum power capacities to be awarded: (i) 500 MW distributed among 6 regions for line 1 and (ii) 120 MW throughout
the national territory for line 2. The projects under line 2 will have no priority over other renewable projects.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Projects
will be remunerated under a supply agreement executed with CAMMESA for a term of 15 years from the project&#8217;s commissioning. Until
commissioning, the tenderer will meet a payment scheme (an initial payment and quarterly payments), which will be allocated to a special
account to be administered by CAMMESA through the the &#8220;Electricity Supply Transportation Works Fund&#8221; trust (&#8220;FOTAE&#8221;)
for the transmission system&#8217;s expansion.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
tender submission deadline is April 27, 2023. As of the date of issuance of these Consolidated Financial Statements, Pampa is evaluating
the possibility of participating in the call.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.3.6
Remuneration for combined cycles </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
Resolution No. 59/23 dated February 7, 2023 established an opt-in system under which combined cycles&#8217; owners could execute an availability
and efficiency optimization agreement with CAMMESA. The agreement contemplates an availability commitment for 85% of the net power capacity
for a maximum term of 5 years, and sets a US$ 2,000/Mw-month remuneration for the power capacity made available and the dollarization
of the energy price based on the fuel used (US$ 3.5/MWh for natural gas and US$ 6.1/MWh for fuel oil and gas oil). Besides, it provides
for a 35% and 15% reduction in the remuneration collectible for guaranteed power capacity for generators with availability commitments
in the spot market for the summer-winter and autumn-spring periods, respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
opt-in application form should be submitted to CAMMESA within a term of 90 calendar days. As of the date of issuance of these Consolidated
Financial Statements, the Company is currently evaluating the resolution.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1.4
<U>Remuneration at the Spot market</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
February 27, 2020, SE Resolution No. 31/20 was published in the BO, applicable as from February 2020, established remunerative items
based on technology and scale with prices in pesos and set an additional remuneration, in pesos, for the power capacity generated during
the hours of maximum thermal demand of the month, taking into consideration the average power capacity generated by thermal generators
and the average power capacity operated by hydroelectric generators.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Besides,
SE Resolution No. 31/20 set a monthly remuneration update scheme with a factor contemplating a 60% CPI and 40% IPIM adjustment. However,
on April 8, 2020, through Note No. 2020-24910606-APN-SE#MDP, the SE instructed CAMMESA to postpone the application of this automatic
adjustment mechanism.</FONT></P>

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


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 19, 2021, SE Resolution No. 440/21 provided for a 29% increase in spot generation remuneration values, and repealed the automatic
adjustment mechanism established by SE Resolution No. 31/20.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
November 2021, SE Resolution No. 1,037/21, instrumented through Note NO-2021-108163338-APN-SE#ME, provided for an additional transitional
remuneration for generated energy and suspended the application of the utilization factor for economic transactions comprised between
September 1, 2021 and February 28, 2022.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
April 21, 2022, SE Resolution No. 238/22 was published in the BO. This resolution provided a 30% increase in spot generation remuneration
values from the February 2022 economic transaction, and an additional 10% increase from the June 2022 economic transaction. It also abrogated
the application of the utilization factor and the additional transitional remuneration set by SE Resolution No. 1,037/21.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 14, 2022, through SE Resolution No. 826/22, the spot remuneration values were modified considering the following increases:
i) 20% from the September 2022 economic transaction; ii) 10% from the December 2022 economic transaction; iii) 25% from the February
2023 economic transaction; and iv) 28% from the August 2023 economic transaction.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
SE Resolution No. 826/22 replaced the remuneration scheme at hours of maximum thermal demand with a differentiated remuneration scheme
at peak hours from the November 2022 economic transaction.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
applicable remunerations, based on technology and resolution, are detailed below. The amounts reported under SE Resolution No. 238/22
and SE Resolution No. 826/22 correspond to tariffs applicable from the June 2022 and December 2022 economic transactions, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.4.1
Remuneration for Available Power Capacity </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1.4.1.1
Thermal Power Generators</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
minimum remuneration for power capacity based on technology and scale was established, and generating, co-generating and self-generating
agents owning conventional thermal power plants were allowed to offer guaranteed availability commitments for the energy and power capacity
generated by their units and not committed under sales contracts with large users within the MAT and supply agreements with CAMMESA.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Availability
commitments are tendered for quarterly periods: a) summer (December through February); b) winter (June through August) and c) &#8216;other,&#8217;
which comprises two quarters (March through May, and September through November), the thermal generators&#8217; remuneration for committed
power capacity being proportional to their compliance.</FONT></P>

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


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
minimum remuneration for generators with no availability commitments includes the following scales and prices:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Technology
    / Scale</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 238/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 826/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Large CC Capacity
    &gt; 150 MW</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">100,650</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">129,839</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">185,670</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">245,084</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Large TV Capacity
    &gt; 100 MW</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">143,550</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">185,180</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">264,807</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">349,546</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Small TV Capacity
    &#8804; 100 MW</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">171,600</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">221,364</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">316,551</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">417,847</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Large
    GT Capacity &gt; 50 MW</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">117,150</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">151,124</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">216,107</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">285,262</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
remuneration for guaranteed power capacity to generators with availability commitments is:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Period</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No 238/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No 826/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Summer
    &#8211; Winter</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">360,000</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">464,400</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">664,092</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">876,601</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fall
    - Spring</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">270,000</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">348,300</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">498,069</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">657,451</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the case of thermal power plants with a power capacity equal to or lower than 42 MW in total, a differential remuneration was applied
until its elimination on August 2022.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the same way, a coefficient derived from the average utilization factor over the unit&#8217;s last twelve months was applied to the power
capacity remuneration: with a minimum 70% of the utilization factor, 100% of the power capacity payment is collected; if the utilization
is between 30% and 70%, the power capacity payment ranges from 70% to 100%; and if the utilization factor is lower than 30%, 70% of the
power capacity payment was collected until January 2020 and 60% of the power capacity payment is collected as from February 2020. The
application of this factor was suspended in 2021 and finally abrogated from February 2022 (see Note 2.1.4.3).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the February 2020 to October 2022 period, an additional remuneration for the hours of maximum thermal requirement of the month (hmrt)
was established, which corresponds to the 50 hours with the largest dispatch of thermal generation of each month divided into two blocks
of 25 hours each, applying the following prices to the average generated power:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Period</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 238/22</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Summer
    &#8211; Winter</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">45,000</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">22,500</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">58,050</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">29,025</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">83,012</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">41,506</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fall
    - Spring</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,500</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,675</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,835</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1.4.1.2
Hydroelectric Generators</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Power
capacity availability is determined independently of the reservoir level, the contributions made, or the expenses incurred. Furthermore,
in the case of pumping hydroelectric power plants, the operation as turbine and pump is considered to calculate availability.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
base remuneration includes the following scales and prices:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Technology
    / Scale</FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-month)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 238/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-mes)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 826/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-mes)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Medium HI Capacity
    &gt; 120 &#8804; 300 MW</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">132,000</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">170,280</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">243,500</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">321,421</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Small HI Capacity
    &gt; 50 &#8804; 120 MW</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">181,500</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">234,135</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">334,813</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">441,953</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Medium Pumped HI Capacity
    &gt; 120 &#8804; 300 MW</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">132,000</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">170,280</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">243,500</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">321,421</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Renewable
    HI Capacity &#8804; 50 MW</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">297,000</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">383,130</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">547,876</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">723,196</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
payment for power capacity is determined by the actual capacity, hours of unavailability due to programmed and/or agreed maintenance
are not computed for the calculation of the remuneration. However, to consider the incidence of programmed maintenance works in power
plants, SME Note No. 46631495/19 provided for the application of a 1.05 factor over the power capacity payment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the case of hydroelectric power plants maintaining control structures on river courses and not having an associated power plant, a 1.20
factor is applied to the plant at the headwaters.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Furthermore,
for the February 2020 to October 2022 period, an additional remuneration was set for the hours of maximum thermal demand (hmrt), corresponding
to the 50&nbsp;hours with the largest dispatch of thermal generation in each month, divided into two blocks of 25&nbsp;hours each:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Generation
units &gt; 50 MW and &#8804; 300 MW</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Period</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 238/22</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="width: 22%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Summer
    &#8211; Winter</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">39,000</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,500</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">50,310</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">25,155</FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">71,943</FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">35,972</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fall
    - Spring</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,500</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,385</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,991</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Generation
units &#8804; 50 MW</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Period</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">SE
    No. 31/20 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">SE
    No. 440/21 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">SE
    No. 238/22</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">First
    25 hours</FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second
    25 hours</FONT></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MW-hmrt)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Summer
    &#8211; Winter</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">42,000</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">21,000</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">54,180</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">27,090</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">77,478</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">38,739</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fall
    &#8211; Spring</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,000</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,030</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,913</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.4.2
Remuneration for generated and operated energy </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the case of thermal power generators, a remuneration was set for generated energy, depending on the type of fuel used, and for operated
energy, as shown below:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Remuneration</FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 238/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 826/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Generated
    energy</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Between
    240 and 420</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Between
    310 and 542</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Between
    403 and 705</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Between
    585 and 1,023</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operated
    energy</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">84</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">108</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">154</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">204</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
is worth highlighting that if the thermal generation unit operates outside its optimal dispatch, the remuneration for generated energy
will be recognised at 60% of the installed net capacity, irrespective of the energy delivered by the unit.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the case of hydroelectric plants, the following prices were established for generated and operated energy, irrespective of scale:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Remuneration</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 238/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 826/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Generated
    energy</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">210</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">271</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">388</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">512</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operated
    energy</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">84</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">108</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">154</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">204</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
remuneration for operated energy should correspond with the grid&#8217;s optimal dispatch; however, the current resolution does not indicate
which would be the consequence otherwise.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the case of pumping hydroelectric power plants, both the generated energy and that used for pumping are considered. Besides, if it works
as a synchronous condenser, 60 $/MVAr, and 77 $/MVAr, 110 $/MVAr and 145 $/MVAr are recognised under SE Resolution No. 31/20, and No.
440/21, No. 238/22 and No. 826/22, respectively, for the megavolt-amperes exchanged with the grid when required, in addition to the prices
for operated energy.</FONT></P>

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


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
from November 2022, a differentiated remuneration scheme applicable to thermal and hydroelectric generators for generated energy at peak
hours, was established with a remuneration equivalent to twice the value of the generated energy&#8217;s current price at peak hours
(18:00 to 23:00) every day in the months of December, January, February, June, July and August, and to one time that value for the same
hours in the months of March, April, May, September, October and November.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
regards energy generated from unconventional sources, a single remuneration value was set irrespective of the source used:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Remuneration</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 31/20</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 440/21</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 238/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
    No. 826/22</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">($
    / MWh)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Generated
    energy</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,680</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,167</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,099</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,719</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Energy
generated before commissioning by the Agency in Charge of Dispatch, will be remunerated at 50% of the above-mentioned remuneration.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.4.3
Transitory additional remuneration</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
November 2, 2021, SE Resolution No. 1,037/21 provided as follows: (i) the creation of an exports account in the WEM&#8217;s stabilization
fund for the accumulation of income from electricity export transactions conducted by CAMMESA, as from the economic transactions for
the month of September 2021, for the financing of energy infrastructure works; and (ii) the transitory recognition of an additional remuneration
to the one established by SE&nbsp;Resolution No. 440/21 for the economic transactions comprised between September 1, 2021 and February
28, 2022. On November 9, 2021, the SE, through Note NO-2021-108163338-APN-SE#ME, instructed CAMMESA to assume that covered generators
have a 70% utilization factor, therefore, 100% of the power capacity remuneration would be paid, and added an amount of $ 1,000/MWh for
exported energy, which will be distributed proportionately to the energy generated monthly by each generator.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
Resolution No. 238/22 canceled the detailed additional and transitory remuneration from the February 2022 economic transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.1.4.4
Suspension of contracts within the MAT</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
suspension of contracts within the MAT (excluding those derived from a differential remuneration scheme) provided for by SE Resolution
No. 95/13 remains in effect.</FONT></P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1.5
<U>Fuel supply for thermal power plants </U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 27, 2019, the Ministry of Productive Development Resolution No. 12/19, restored the centralized scheme in CAMMESA for the supply
of fuels for generation purposes (except for generators under the Energy Plus regime and with Wholesale Power Purchase Agreements under
Resolution SE No. 287/17).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
December 2020, on account of the implementation of the GasAr Plan (see Note 2.2.4.1.2), SE Resolution No.&nbsp;354/20 was passed, which
established a new dispatch order for generation units based on the fuel supplied for their operation under a centralized dispatch scheme.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">SE
Resolution No. 354/20 established the gas volumes CAMMESA should prioritize in the electricity dispatch. In this sense, firm volumes
to be used by CAMMESA were defined, including: i) volumes corresponding to contracts entered into by CAMMESA with producers acceding
to the GasAr Plan; ii) volumes corresponding to contracts executed by adherent producers with generators acceding to the centralized
dispatch (these volumes will be discounted by the adherent producers from the applicable quota for which they should enter into contracts
with CAMMESA under the GasAr Plan) and; iii) volumes to meet the Take or Pay (&#8220;TOP&#8221;) obligations under the supply agreement
entered into between IEASA and Yacimientos Petrol&iacute;feros Fiscales Bolivianos (&#8220;YPFB&#8221;).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Besides,
an electricity dispatch priority scheme was set based on the allocation of the natural gas quota taking into consideration the TOP obligations.
To this effect, the following priorities were set (within each priority level, the order of agents is set based on the generator&#8217;s
production cost):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dispatch
                                            Priority 1: Generators, Self-generators and/or Co-generators supplied with a natural gas
                                            quota under a TOP Bolivia condition assigned by IEASA. If a generator with a fuel stocking
                                            obligation optionally acquires from IEASA natural gas from Bolivia, this volume will be included
                                            in this quota.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dispatch
                                            Priority 2: Generators, Self-generators and/or Co-generators supplied by CAMMESA with a natural
                                            gas quota from the centralized list of volumes up to the TOP of each contract.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dispatch
                                            Priority 3: Generators, Self-generators and/or Co-generators supplied by CAMMESA with a natural
                                            gas quota from the centralized list of volumes for the Daily Maximum Amount (DMA) less those
                                            corresponding to the TOP of each contract.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dispatch
                                            Priority 4: Generators, Self-generators and/or Co-generators supplied by CAMMESA with natural
                                            gas or LNG coming from other firm commitments undertaken by CAMMESA.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dispatch
                                            Priority 5: Generators, Self-generators and/or Co-generators supplied with a gas quota from
                                            the unassigned, spot natural gas contracts from any source, acquired by CAMMESA and/or the
                                            Generator, according to the supply source. In the case of a generator with its own fuel,
                                            the maximum amount to be acknowledged will be the corresponding reference prices.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
regards the costs associated with the supply of these fuels, it was established that the electricity demand will bear, among others,
the regulated transportation costs, the cost of natural gas and the applicable TOP obligations.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Generating
agents that kept the possibility to purchase their fuel supply (agents under the Energy Plus regime or with Wholesale Purchase Agreements
under Resolution SE No. 287/17) could opt in or out of CAMMESA&#8217;s unified dispatch, through the operating assignment of the contracted
firm transportation and gas volumes, which impact the assigned priority order. Under such assignment, agents should waive all claims
regarding the application of SE Resolution No.&nbsp;354/20.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the specific case of generators with wholesale power purchase agreements under SE Resolution No. 287/17, it was provided that they would
have the option of canceling the self-supply obligation and the resulting recognition of its associated costs, having to maintain the
respective transportation capacity for its management in the centralized dispatch.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company assigned the firm transportation and gas volumes committed to supplying Genelba Plus&#8217; CC and Energy Plus contracts, setting
certain guidelines for calculating fuel costs to support its Energy Plus contracts. In the case of the supply to Genelba Plus&#8217;
CC, the assignment will remain effective during the life of the GasAr Plan, and it may be revoked by the generator with a minimum advance
notice of 30 business days. Within this framework, the parties agreed to enter into an addendum to the Wholesale Power Purchase Agreement
to establish the modifications regarding this new supply scheme, which execution is pending as of the issuance of these Consolidated
Financial Statements.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.2</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Oil
                                            and gas</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2.1
<U>Argentine Hydrocarbons Law</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
October 29, 2014, the National Congress enacted Law No. 27,007 amending Hydrocarbons Law No. 17,319 (enacted in 1967), which empowers
the Government to grant exploration permits and concessions to the private sector. Additionally:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sets
                                            the terms for exploration permits:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Conventional
                                            exploration</I>: the basic term is divided into two periods of up to three years each, plus
                                            an optional extension of up to five years;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Unconventional
                                            exploration</I>: the basic term is divided into two periods of four years each, plus an optional
                                            extension of up to five years; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Continental
                                            shelf and off-shore exploitation</I>: the basic term is divided into two periods of three
                                            years each, plus an optional extension of one year each.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sets
                                            the terms for exploitation concessions, extensible for 10-year terms:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Conventional
                                            exploitation concession</I>: 25 years;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Unconventional
                                            exploitation concession</I>: 35 years; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Continental
                                            shelf and off-shore exploitation concession</I>: 30 years.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sets
                                            transportation concessions will be granted for the same term than that granted for the originating
                                            exploitation concession.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sets
                                            prices for payments of exploration and exploitation levy and empowers the enforcement authority
                                            to establish the payment of extension and exploitation bonds.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Establishes
                                            a 12% royalty payable by the exploitation concessionaire to the grantor on the proceeds derived
                                            from liquid hydrocarbons extracted at wellhead and the production of natural gas. In the
                                            case of extension, additional royalties for up to 3% over the applicable royalties at the
                                            time of the first extension, up to a total of 18%, will be paid for the following extensions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Provides
                                            for two types of non-binding commitments between the National Government and the Provinces
                                            aiming to establish a uniform environmental legislation and to adopt a uniform tax treatment
                                            to encourage hydrocarbon activities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restricts
                                            the National Government and the Provinces from reserving new areas in the future in favor
                                            of public or mixed companies or entities, irrespective of their legal form.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
its part, the Ministry of Energy and Natural Resources of the Province of Neuqu&eacute;n established certain parameters for the granting
of Hydrocarbons Unconventional Exploitations Concessions (&#8220;CENCH&#8221;) in this province, instrumented through Resolution No.
53/20 dated July 1, 2020 and Resolution No. 142/21 dated November 24, 2021, and later ratified by Provincial Executive Order No. 2,183/21
in December 2021. Companies may request a CENCH based on a development project that will include a pilot plan for a term of up to five
years to demonstrate its technical and economic feasibility. Furthermore, if companies request the inclusion in the CENCH of a surface
larger than that assigned to the approved pilot plan, the payment of a block extension bond should be included, which value will be associated
with the resources expected to be recovered in the extended block, considering the basin&#8217;s average price over the last two&nbsp;years.
Besides, while the CENCH is in effect, companies should submit continuous development plans and investment commitments, updated annually.</FONT></P>

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


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2.2
<U>Hydrocarbon exploration and exploitation levy</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Law
No. 27,007 set the levy values per km2 or fraction to be paid annually and in advance by the permit holder. Exploitation permits will
amount to $ 4,500 and exploration permits, to $ 250 in the first period, $ 1,000 in the second period of the basic term, and $ 17,500
during the first year of the extension (with a 25% annual cumulative increase). It is worth highlighting that up to 10% of the levy value
payable in the second period of the basic term and the extension may be offset with actual investments per km2.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
September 26, 2019, the Province of Neuqu&eacute;n, pursuant to Provincial Executive Order No. 2,032/19, published new levy values per
km2 or fraction effective for this province from 2020. The exploitation levy was set at $ 22,410, and the exploration levy at $ 1,245
for the first period, $ 4,980 for the second period, $ 7,470 for the third period, and $ 87,150 for the extension period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
2021, PEN Executive Order No. 771/20 set a maximum levy in pesos equivalent to a certain volume of oil at the average price for the semester
before settlement, at BNA&#8217;s exchange rate effective on the last business day before payment. This scheme is applicable nationwide
(including the Province of Neuqu&eacute;n, which acceded to it under Provincial Executive Order No. 1,656/20). Exploitation permits amount
to 8.28 barrels and exploration permits to 0.46 barrels in the first period, 1.84 barrels in the second period of the basic term, and
32.22 barrels in the extension period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2.3.
<U>Currency access for incremental oil and natural gas production systems and regional and national supplier&#8217;s employment, labor
and development promotion system</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 28, 2022, PEN Executive Order No. 277/22 was published, which established currency access systems for the incremental production
of oil (&#8220;RADPIP&#8221;) and natural gas (&#8220;RADPIGN&#8221;), as well as the regional and national supplier&#8217;s employment,
labor and development promotion system (&#8220;RPEPNIH&#8221;). This executive order, later regulated by PEN Executive Order No. 484/22
dated August 12, 2022, mainly provided for eased access to the MLC for beneficiaries increasing their gas injection levels and/or oil
production.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficiaries
must meet the following requirements to access the RADPIP and the RADPIGN: (i) be registered with the SE&#8217;s oil companies registry;
(ii) accede to the system; (iii) attain an incremental oil production or natural gas incremental injection levels; (iv) comply with the
RPEPNIH; and (v) be an awardee and fulfill the obligations provided under natural gas production promotion or stimulus programs (exclusively
for the RADPIGN).</FONT></P>

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


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficiaries
under these systems may access the MLC to make principal and interest payments of commercial or financial liabilities abroad, including
liabilities with non-resident affiliates, and to pay earnings and dividends for closed and audited balance sheets and/or the repatriation
of direct investments by non-residents. This benefit may be transmitted to direct suppliers. Moreover, access to the MLC under this system
will not be subject to BCRA&#8217;s prior authorization requirement in case exchange regulations so require.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Currency
access benefits for acceding the RADPIP and/or RADPIGN will be taken into consideration and timely discounted.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Regarding
the RPEPNIH, supplier development plans guaranteeing regional and national integration will be controlled. Moreover, a hiring scheme
is contemplated granting preferences to regional and national goods and/or services suppliers.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
January 16, 2023, SE Resolution No. 13/23 was published in the BO, which regulated the opt-in system and the procedure to obtain the
currency access benefit created by PEN Executive Order No. 277/22.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
February 8, 2023, the Company requested the opt-in to both aforementioned regimes and the benefits for the third and fourth quarters
of 2022.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2.4
Gas Market</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2.4.1
Natural Gas Production Promotion or Stimulus Programs</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2.4.1.1
Argentine Natural Gas Production Promotion Plan (&#8220;GasAr Plan&#8221;)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
November 16, 2020, Executive Order No. 892/20 was published in the BO, which approved the GasAr Plan to foster the development of the
Argentine gas industry based on a bidding mechanism, and instructed the SE to instrument such plan and to set the applicable complementary
and clarifying rules.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
November 23, 2020, the SE, through Resolution No. 317/20, launched the &#8220;National Public Call for Tenders for the Argentine Natural
Gas Production Promotion Plan &#8211; 2020-2024 supply and demand scheme&#8221; for the award of a volume of 70 million m3 of natural
gas per calendar year (CAMMESA plus distributors), which may be modified by the SE to guarantee an optimal domestic supply.</FONT></P>


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
contract samples stipulated a Deliver or Pay (&#8220;DOP&#8221;) obligation of 100% per day for producers and a Take or Pay (&#8220;TOP&#8221;)
obligation of 75% per month for CAMMESA and per quarter for distributors. Regarding the payment of contracts with distributors, the Federal
Government will bear the monthly difference between the price tendered and that resulting from the tariff schemes through a subsidy payable
directly to producers. Under Law No. 27,591, payment of this subsidy is secured by Tax Credit Certificates, which were regulated by SE
Resolution No. 125/21 and AFIP General Resolution No. 4,939/21.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
to access the GasAr Plan producers submitted a plan of investments necessary to maintain the committed production and a national added-value
commitment providing for the development of direct local, regional and national suppliers.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 15, 2020, Resolution No. 391/20 was published in the BO, awarding the natural gas volumes tendered under GasAr Plan, Round 1.
In this sense, out of a total natural gas base volume of 67.42 million m3/day to be purchased, in terms of tendered volume, the Company
ranked third in the Neuquina Basin, with an awarded base volume of 4.9 million m3/day at an annual average price of US$ 3.60/MBTU for
a term of four years effective as from January 1, 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
the Company has been one of the three producers tendering an additional volume for the winter period, with the award of 1 million m3/day
at US$ 4.68/MBTU, a volume deemed indispensable to accompany the high seasonality of the Argentine demand, reducing gas imports, the
consumption of alternative fuels, and the use of foreign-currency reserves.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
March 9, 2021 Resolution No. 169/21 was published in the BO, which awarded natural gas volumes offered under the GasAr Plan, Round 2
Tender. In this sense, the Company was awarded a volume of 0.70 million m3/day, 0.90 million m3/day and 1 million m3/day for the months
of June, July and August-September 2021, respectively, and 0.86 million m3/day to meet the winter peak demand for the years 2022 through
2024, at a price of US$ 4.68/MBTU.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
Resolution No. 984/21 dated October 19, 2021, the SE called for Round 3 under GasAr Plan for 2022 through 2024 inclusive, with injection
starting in May 2022. The resolution determined that the cap price for tenders is the maximum price tendered under Round 1. The Company
took part in this call, tendering 2 million m3/day for the Neuquina basin at a price of US$ 3.347/MBTU; on November 11, 2021, the SE
issued Resolution No. 1,091/21, awarding the tendered volumes and prices.</FONT></P>

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


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2.4.1.2
2023-2028 Plan to Reinsure and Encourage Federal Hydrocarbon Production, Domestic Self-Supply, Exports, Imports Substitution, and the
Expansion of the Transportation System for all the Country&#8217;s Hydrocarbon Basins (&#8220;Reinsurance Plan&#8221;)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
November 3, 2022, Executive Order No. 730/22 was published in the BO, which amended the GasAr Plan&#8217;s scheme approved by Executive
Order No. 892/20.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Reinsurance Plan establishes a new term for the system until December 31, 2028, with the following main objectives: (i) consolidating
a new 70 MMm3/d flat block (volumes awarded under GasAr Plan&#8217;s Round 1 and 3), excluding winter peaks; and (ii) developing the
demand for the incremental volumes to be evacuated using the new transportation capacity following the construction of the N&eacute;stor
Kirchner Gas Pipeline (TransportAr Program, SE Resolution No. 67/22).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consequently,
on November 14, 2022, SE Resolution No. 770/22 was published in the BO, calling for Tender Rounds 4 for the Neuquina Basin, and 5, for
the Del Golfo and Austral Basins.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the Neuquina Basin, the following calls were made:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)
Round 4.1: for the extension of the commitments undertaken under Rounds 1 and 3 of the GasAr Plan for 4 additional years, from January
1, 2025 to December 31, 2028, for the same volumes, and with prices equal to or lower than the timely awarded price; and</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)
Round 4.2: for the award of the following incremental volumes:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -14.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
Flat Gas: 11 MMm3/day from July 1, 2023 to December 31, 2028, and 3 MMm3/day from January 1, 2024 to December 31, 2028, with prices not
exceeding US$ 4 MBTU; and</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -14.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
Peak Gas: 7 MMm3/day from May 1 to September 30, for each of the 2024-2028 and 2025-2028 periods, with prices equal to or lower than
US$ 6.9 MBTU and an applicable 1.3 adjustment factor.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company participated in Round 4.1, seeking to extend commitments under GasAr Plan&#8217;s Rounds 1 and 3 until December 2028 and keeping
the originally tendered prices of US$ 3.6 MBTU and US$ 3.347 MBTU, respectively. Moreover, it submitted the following tenders under Round
4.2: (i) Flat Gas: 4.8 million m3/day at a price of US$ 3.485 MBTU from July 1, 2023 to December 31, 2028; (ii) Peak Gas: 3 million m3/day
at a price of US$ 5.190 MBTU for the 2024-2028 period and 1.9 million m3/day at US$ 4.770 MBTU for the 2025-2028 period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 22, 2022, through SE Resolution No. 860/22, the Company was awarded the extension of the commitments for Round 4.1 and a 4.8
million m3/day demand associated with flat gas under Round 4.2.</FONT></P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
awards granted to the Company and the contracts executed represent a production commitment of 15.7 million m3/day for winter periods
and 13.8 million m3/day for summer periods in 2023-2024. Compared to 2022, this commitment represents a 44% increase in winter production,
the period with the largest gas supply needs in the country. As from 2025, the commitment under the Reinsurance Plan will amount to 13.8
million m3/day.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Based
on the gas demand curve projected by the SE, the Company will enter into new contracts with CAMMESA, IEASA and distributors.</FONT></P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.2.4.2
Natural gas for the residential segment and CNG</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 27, 2022, SE Resolution No. 403/22 provided for an update of new natural gas PIST prices under existing contracts executed within
the framework of GasAr Plan&#8217;s promotion scheme, reducing the subsidy payable by the Federal Government from June 1, 2022.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
in the months of February, June and August 2022, public hearings were held to analyze the Plan Gas.Ar portion of the natural gas PIST
price to be borne by the Federal Government. It is worth highlighting that SE Resolution No. 610/22 determined a gradual increase in
the PIST price distributors will pay for unsubsidized residential consumptions, keeping the subsidized price for the remaining users.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
January 10, 2023, SE Resolution No. 6/23 was published, establishing updates of natural gas PIST prices for contracts executed under
the GasAr Plan and the Reinsurance Plan based on the different types of users.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.2.4.3
Acquisition of Natural Gas for Generation</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
December 30, 2019, CAMMESA&#8217;s centralization scheme for the supply of fuels for generation was restored (except for generators with
Energy Plus and SE Res. No. 287/17 contracts). Since then, CAMMESA has launched successive calls for tenders to cover its monthly consumption.
Moreover, from 2021, most gas supplies to CAMMESA are channeled through GasAr Plan, for the volumes committed under this program over
an initial term of 4&nbsp;years.</FONT></P>

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


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
addition to GasAr Plan, in 2021 CAMMESA continued calling for tenders on a monthly basis, at a maximum price of US$ 2.3/MBTU until April
and US$ 3.5 until August, on an interruptible basis for GasAr Plan awardees and under a 30% DOP clause for the rest. However, from September
2021 these calls were declared unawarded. On the other hand, since mid-July 2021 CAMMESA launched biweekly calls for tenders by GasAr
Plan awardees that may offer surplus volumes, with a maximum price equivalent to that awarded in the plan&#8217;s Round 1. In 2022, an
average of 451 million m3/day were awarded at a price of US$ 3.5/MBTU (of which 276 million m3/day correspond to the Neuquina Basin).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.2.4.4
Natural Gas Exports</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
April 27, 2021, SE Resolution No. 360/21 regulated the new procedure for the authorization of natural gas exports. This resolution contemplates
exports on a firm and preferential basis for GasAr Plan&#8217;s awardees, and sets a minimum sale price equivalent to the summer price
awarded in Round 1. In this manner, the Company, as an awardee under GasAr Plan, may make firm exports during the summer period, extendable
to the winter period when there is an oversupply in a specific basin and with the prior approval of the applicable authority.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
May and December 2021, Pampa was granted permits to export gas to Chile on a firm basis for a maximum volume of 1.5&nbsp;million m3/day
and 1.22 million m3/day for the October 2021 &#8211; April 2022 and January &#8211; April 2022 periods, respectively. Besides, between
September and December 2021, new interruptible permits to Chile, Brazil, and Uruguay were added, with expirations between November 2022
and December 2024.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
GasAr Plan, in August 2022 the Company was cleared to export gas to Chile on a firm basis for a maximum volume of 1,492 MMm3/d for the
October 2022 &#8211; April 2023 period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
November 17, 2022, SE Resolution No. 774/22, which supersedes SE Resolution No. 360/21, was published in the BO. This resolution establishes
a new proceeding delimiting four export areas: the Neuquina Basin and the Austral Basin with summer quotas (October 2023-April 2024 period)
of 9 MMm3/day and 2 MMm3/day, respectively, and the Noroeste Basin and other areas with no quota definition.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
distribution of firm summer quotas among producers is made considering (i) the share of the producer&#8217;s volume in the basin&#8217;s
total volume, and (ii) the highest discount in the weighted-average price discount per volume against the basin&#8217;s incremental volume.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
minimum reference price is set at the higher of the Brent quotation percentage determined by the SE and the average price awarded, adjusted
by the seasonal index, with the authorization to withdraw volumes from the contracts executed under GasAr Plan and/or the Reinsurance
Plan with CAMMESA and/or ENARSA.</FONT></P>


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
for the Neuquina Basin, firm exports for 3 million m3/day will be authorized for the May-June 2023 period, to be apportioned among producers
awarded under Round 4.2 - Flat Gas for the July 1, 2023-December 31, 2028 period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
is worth highlighting that a natural gas export duty has been in effect since May 2020. PEN Executive Order No. 488/20, issued on May
19, 2020, established an export duty exemption as long as the international Brent price was equal to or below US$45/bbl. The rate would
rise gradually in line with the international reference price until reaching 8%, the cap to be recognized when Brent equals or exceeds
US$60/bbl. Since February 2021, the rate has remained at 8%.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.2.4.5
&#8220;TransportAr National Production&#8221; Pipelines System Program</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
February 9, 2022, SE Resolution No. 67/22 was published in the BO declaring the construction of &#8220;President N&eacute;stor Kirchner
Pipeline&#8221; of national public interest. This pipeline will transport natural gas through the Province of Neuqu&eacute;n, the Province
of Buenos Aires, and the Province of Santa Fe.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Moreover,
it created the TransportAr Production Gas Pipelines System Program to execute the works necessary to expand the system&#8217;s transportation
capacity including a list of pipeline works to be executed by IEASA or through third parties to promote development, production growth,
and natural gas self-supply, among other objectives.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 10, 2022, Argentine authorities signed contracts for the Stage 1 N&eacute;stor Kirchner Gas Pipeline construction, that will connect
the cities of Tratay&eacute;n (Neuqu&eacute;n) with Salliquel&oacute; (Buenos Aires) and will cross the provinces of R&iacute;o Negro
and La Pampa. As of the issuance of these Consolidated Financial Statements, the aforementioned construction is underway, and commissioning
is expected for June 2023.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Later,
PEN Executive Order No. 76/22, published on February 14, 2022, granted IEASA a 35-year transportation concession of President N&eacute;stor
Kirchner pipeline under Law No. 17,319 and the power to contract, plan, execute and call for tenders for the construction of the infrastructure
works under the Program. IEASA may enter into transportation capacity freely-negotiated agreements with producers and/or carriers to
construct or expand all or part of the pipeline. This transportation capacity will not be covered by tariffs approved by ENARGAS, which
will apply to the remaining transportation capacity not committed under these agreements. This executive order grants YPF priority to
hire the capacity that can be freely negotiated by IEASA. Moreover, IEASA may fully or partially assign ownership of its concession to
YPF.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Besides,
the &#8220;Argentine Gas Development Fund&#8221; administrative and financial trust was created, with IEASA as trustor and beneficiary,
to finance works under the program, including the repayment of principal and interest services of the trust securities to be issued thereunder.
The trust estate administrator and trustee will be Banco de Inversi&oacute;n y Comercio Exterior S.A.</FONT></P>

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


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
2</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2.5
<U>Oil market</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.2.5.1
Crude oil price </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of this date, there is no reference price for the sale of crude oil in the domestic market. However, considering pump prices for fuels,
local refining companies are validating prices below the export parity.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Just
as with natural gas exports, a crude oil export duty has been in effect since May 2020. PEN Executive Order No. 488/20, issued on May
19, 2020, provided for an export duty exemption as long as the international Brent price was equal to or below US$ 45/bbl, rising gradually
as the international reference price increased until reaching 8%, the cap to be recognised when the reference price equals or exceeds
US$ 60/bbl. Since February 2021, the rate has remained at 8%.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.2.5.2
Oil transportation</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
fiscal year 2022, Oldelval, as holder of the national liquid hydrocarbons transportation concession, launched a call for tenders to award
and hire the firm transportation service for the Allen - Puerto Rosales oil pipeline tranche for a capacity of up to 50,000 m3/day.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
volume has been fully awarded, and the necessary execution contracts have been entered into, effective until the termination of the transportation
concession term in 2037. Pampa was awarded 1,002 m3/day.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
Oldelval&#8217;s call for tenders, the company Oiltanking Ebytem launched a call to increase the oil dispatch capacity for up to 50,000
m3/day and the storage capacity for up to 300,000 m3. These expansions will be allocated exclusively to oil exports. Pampa was awarded
a 1,002 m3/day dispatch capacity and oil storage capacity for 6,008 m3.</FONT><P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.3
Gas Transportation</B></FONT></P>


<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.3.1
<U>TGS&#8217;s Tariff situation</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
March 30, 2017, TGS executed the 2017 Integral Agreement which was ratified on March 27, 2018, through PEN Executive Order No. 250/18.
This executive order represents the conclusion of the RTI process and terminates all transitional agreements celebrated by TGS.</FONT></P>

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


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
2017 Integral Agreement set the guidelines for the provision of the natural gas transportation service until the end of the license,
among these guidelines approved: (i) a tariff increase was granted in installments for TGS as from April 1, 2017; (ii) a Five-Year Investment
Plan to be executed by TGS between April 2017 and March, 2022; and (iii) a non-automatic six-month adjustment mechanism for the natural
gas transportation tariff and the investment commitments considering IPIM published by INDEC subject to ENARGAS&#8217; approval.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the public hearing held on September 4, 2018, in which TGS requested, based on the variation of the IPIM recorded for the period February
- August 2018, a tariff increase of approximately 30%. Considering the hearing, on September 27, 2018, ENARGAS issued Resolution No.
265/18 which determined a 19.7% tariff increase effective as of October 1, 2018.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
increase was determined by ENARGAS based on the simple average of the IPIM, the construction cost index for the period February and August
2018 and the Salary Variation Index between December 2017 and June 2018. ENARGAS supported the determination of the aforementioned tariff
increase in the provisions of Resolution No. 4,362/17, which, among other issues, provided that under certain circumstances and macroeconomic
conditions, such as the significant devaluation occurred after April 2018, ENARGAS may use other indexes than the IPIM to determine the
tariff increase. TGS notified ENARGAS of its disagreement with respect to the methodology for calculating the semi-annual adjustment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
March 29, 2019, ENARGAS issued Resolution No. 192/19 approved, effective as from April 1, 2019, a 26% increase in tariff schemes applicable
to the natural gas transportation utility by TGS current as of March 31, 2019. In accordance with current regulations, ENARGAS considered
the evolution of the IPIM update index between the months of August 2018 and February 2019 to define six-monthly adjustments to TGS&#8217;
tariffs.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
regards the semi-annual tariff update which should have become effective as from October 1, 2019, on September 3, 2019, the SE issued
Resolution No. 521/19, later amended by Resolution No. 751/19, postponed its application until February 1, 2020. This deferral resulted
in the revision and adjustment of the Five-Year Investment Plan execution, in the same proportion as the foregone income for TGS.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 16, 2020, PEN Executive Order No. 1,020/20 was passed within the framework of the Solidarity Law. This executive order launched
the renegotiation of the RTI concluded in 2018 within a term of 2 years. During this term, renegotiation agreements in force are suspended.
On December 7, 2022, PEN Executive Order No. 815/22 was published in the BO, extending the renegotiation term for 12 months until December
16, 2023.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
the Solidarity Law, PEN Executive Order No. 1,020/20 and PEN Executive Order No. 1815/22 provide for the administrative intervention
of the ENARGAS.</FONT></P>

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


<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
2</U>: </B>(Continuation)</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
TGS denied and dismissed the arguments raised in the public hearing, which considered that the current natural gas transportation tariff
is not fair or reasonable given the alleged existence of serious flaws in the administrative acts resulting from the proceedings for
the last RTI established for&nbsp;TGS.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
April 28, 2021, ENARGAS submitted to TGS the 2021 Transitional Agreement (&#8220;RTT 2021&#8221;), which: (i) does not grant a transitory
tariff update, keeping unchanged the tariff schemes approved by ENARGAS in April 2019; (ii) provides that, as from May 2021 and until
the Final Renegotiation Agreement enters into effect, ENARGAS will recalculate the transportation tariffs effective at the time, with
validity as from April 1, 2022.; (iii) does not establish a mandatory investment plan; and (iv) establishes the prohibition to distribute
dividends, early cancel financial and commercial debts taken on with shareholders, acquire other companies, or grant loans.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
April 30, 2021 and through a note sent to this body, TGS expressed that, given the context in which it develops its activities and the
proposed terms and conditions, it is not feasible for TGS to enter into the RTT 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 2, 2021, ENARGAS issued Resolution No. 149/21 approving an RTT 2021 for TGS effective as from that date. Moreover, the National
Ministry of Economy and ENARGAS issued Joint Resolution No. 1/21 approving the proceedings under the renegotiation process developed
by ENARGAS pursuant to PEN Executive Order No. 1,020/20, stating that it was not feasible to reach an agreement on a transitional tariff
update.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Given
this situation, in July 2021, TGS filed motions for reconsideration, subsidiarity filing a hierarchical appeal, before the PEN, the National
Ministry of Economy and ENARGAS according to the respective jurisdictions of each of these bodies in the passing of the regulations associated
with Resolution No. 149/21, requesting the declaration of nullity of the RTT 2021 and the reinstatement of the RTI.</FONT></P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
2</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
challenges are based on: (i) the illegality of Executive Order No. 1,020/20, as it does not observe the delegation lines provided for
by Act No. 27,541 and, as it does not meet the requirements established by the Constitution for the dictation of this regulation; (ii)
the extension of the emergency period beyond that established by the Congress; (iii) the tariff renegotiation under Act No. 24,076 is
not performed; (iv) the disregard for the principle of fair and reasonable tariffs, and the rights acquired by TGS under the license,
the Contractual Adjustment Memorandum of Understanding and the RTI; and (v) the suspension of the RTI for reasons of public interest,
which merits the recognition of the compensations provided for by both the Administrative Procedures Act and the License Basic Rules.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
turn, the restrictions on the management and administration of TGS have been challenged for lacking legal justification, as the emergency
declared by Act No. 27,541 only empowered the PEN to renegotiate the RTI, but not the License. The challenges and the request for reinstatement
of the RTI have been filed notwithstanding TGS&#8217;s right to the payment of the compensations it is entitled to on account of the
breach of the RTI as from April 2019.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
November 15, 2021, TGS filed a Prior Administrative Claim before ENARGAS and the Ministry of Economy. This presentation seeks to request
compensation due to TGS for the non-application of the semi-annual adjustment methodology set by the RTI and approved by Resolution 4,362
between October 1, 2019 and June 1, 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Moreover,
TGS seeks compensation for the damages sustained by the freeze resulting from the failure to apply the semi-annual adjustment methodology
set by the RTI for this period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
January 19, 2022, a new public hearing was held within the framework of ENARGAS Resolution No. 518/21 to address the transition tariff
update under PEN Executive Order No. 1020/20. In this hearing, aiming to reach a final agreement and restore the economic and financial
equation, TGS requested a transition tariff adjustment in two stages for 2022 for a total of 106%, given the evolution of operating costs
and the main macroeconomic indicators.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Later,
on February 1, 2022, TGS received from ENARGAS the proposed Renegotiation Transition Agreement (the &#8220;RTT 2022&#8221;), which was
approved by TGS&#8217;s Board of Directors on February 2, 2022, and by the applicable governmental bodies on February 18, 2022. The RTT
2022 included certain terms similar to the RTT 2021, with the specific provision that it granted TGS a 60% tariff increase effective
from March 1, 2022.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
RTT 2022 was ratified through PEN Executive Order No. 91/22, effective from February 23, 2022. On February 25, 2022, ENARGAS Resolution
No. 60/22 was published in the BO, launching the tariff schemes contemplated in the RTT 2022.</FONT></P>

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


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
2</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
is worth highlighting that, as provided in the RTT 2022, TGS undertook not to initiate new claims, remedies, lawsuits, or any kind of
actions; and/or to suspend, keep suspended or extend the suspension of all claims and remedies associated in any way with the current
RTI renegotiation, Law No. 27,541, Decrees No. 278/20 and No. 1,020/20.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 7, 2022, ENARGAS issued Resolution No. 523/22 calling for a public hearing, to be held on January 4, 2023, to consider the transitional
tariff update for the natural gas transportation utility.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the issuance of these Consolidated Financial Statements, TGS is working jointly with ENARGAS to conduct the RTI process that will
allow the company to receive a fair and reasonable tariff in line with the provided natural gas transportation utility service.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.3.2
<U>Regulatory framework of the segment of Production and Commercialization of Liquids</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.3.2.1
Domestic market</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
production and commercialization of liquids segment is not subject to regulation by ENARGAS. However, over recent years, the Argentine
Government enacted regulations which significantly impacted it.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">GLP
domestic sales prices are impacted by the provisions of Law No. 26,020 &quot;Regime of the industry and commercialization of liquefied
petroleum gas&quot; and the Argentine Government through the public office in charge, that set forth LPG minimum volumes to be sold in
the local market in order to guarantee domestic supply.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
this context, TGS sells the production of propane and butane to fractionators at prices determined semiannually. On March 30, 2015, the
PEN issued Decree No. 470/15, regulated by SE Resolution No. 49/15, which created the &#8220;Household Plan&#8221; and sets a maximum
reference price for the members of the commercialization chain in order to guarantee the supply to low-income residential user, by committing
the GLP producers to supply at a fixed price with a quota assigned to each producer. Additionally, payment of compensation to the Household
Plan participating producers was established.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">TGS
has filed various administrative and judicial claims challenging the general regulations of the program, as well as the administrative
acts that determine the volumes of butane that must be sold in the domestic market, in order to safeguard its economic-financial situation
and thus, preventing that this situation does not extend over time.</FONT></P>

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


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
2</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
addition, TGS is a party of the Propane Gas Supply Agreement for Induced Propane Gas Distribution Networks (&quot;Propane for Networks
Agreement&quot;) entered into with the Argentine Government and propane producers by which it undertakes to supply propane to induced
propane gas distributors and sub- distributors through at a price lower than the market price. In compensation, TGS receives an economic
compensation calculated as the difference between the sale price and the export parity determined by the SE.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
it has been previously mentioned, participation in the Household Plan results in economic and financial damage to TGS, since under certain
circumstances products would be sold at prices below their production costs.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the Argentine Government owes TGS $ 3,768 million under these items.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.3.2.2
Foreign market</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Executive
Order No. 488/20 regulated the rate applicable to the export duties for certain gas and oil derivatives, including the products produced
and exported by TGS, which ranges between 0% and 8% depending on the price of the &#8220;ICE Brent first line&#8221; barrel. If this
price is below US$ 45, the rate is 0%. Instead, if the price equals or exceeds US$ 60, an 8% rate is paid, and the rate is variable if
the price is between US$ 45 and US$ 60.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.4</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Transmisi&oacute;n</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.4.1
<U>Transener and Transba tariff situation </U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
February 25, 2022, the ENRE communicated Resolutions No. 68/22 and 69/22 approving the new hourly remuneration values effective from
February 1, 2022, establishing a 25% and 23% increase compared to the values effective from 2019 for Transener and Transba, respectively.
Considering the difference between the presented financial and economic projections and the values finally approved by the ENRE, a motion
to review the records and the respective preliminary challenges was submitted. Moreover, on March 15, 2022, the applicable motions for
reconsideration against these resolutions were filed. Consequently, under Resolutions No. 147/22 and 148/22, on May 9, 2022 the ENRE
partially upheld the filed motions and modified the hourly remuneration values effective from February 1, 2022, establishing a 67% and
69% increase over the values effective from August 2019 for Transener and Transba, respectively.</FONT></P>

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

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


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
2</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Since
August 2022, Transener and Transba filed notes and held meetings with the SE and the ENRE requesting an update to the transitional tariffs
effective from September 2022, chargeable against the increase to be assessed for 2023. To this effect, the 2023 economic and financial
projection was presented with an explanatory document and a detail of the projected investment plan. Moreover, a presentation was made
to CAMMESA&#8217;s Board of Directors to put the criticality of the transportation sector on record.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
Resolution No. 539/2022, on October 20, 2022 the ENRE called for a public hearing on November 30, 2022 to inform of and gather feedback
on the electricity transmission utility concessionaires&#8217; proposals towards a transitional tariff update under the RTI Renegotiation
Process before defining the tariffs applicable by the concessionaires.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Furthermore,
on December 6, 2022, PEN Executive Order No. 815/22 extended for one-year term PEN Executive Order No. 1,020/20 published on December
17, 2020, through which initiated RTI renegotiation within up to 2 years from its publication.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Later,
on December 29, 2022, aiming to preserve in 2023 the purchasing power of the revenues established in Resolutions No. 147/22 and 148/22,
the ENRE issued Resolutions No. 698/22 and 702/22 setting the hourly remuneration values effective from January 1, 2023, and establishing
a 154.5% and 154.1% increase over the February 2022 values for Transener and Transba, respectively.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.5</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Regulations
                                            on access to the MLC</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
2020, BCRA introduced measures with the purpose of regulating inflows and outflows in the MLC to maintain the exchange rate stability
and protect international reserves in view of the high degree of uncertainty and volatility in the exchange rate, including restrictions
associated with transactions with stock market assets by companies and the disposal of liquid foreign assets.</FONT></P>


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
access the MLC in terms of expenditures without BCRA&#8217;s prior authorization, it is necessary to file an affidavit certifying that
all foreign-currency holdings in the country are deposited in accounts with local financial institutions and that it no available liquid
foreign assets are held for an amount equivalent to or higher than US$ 100,000. In case such liquid foreign assets exceed the amount
of US$ 100,000, an additional affidavit could be submitted according to the applicable provisions. To such effects, the term &#8220;liquid
foreign assets&#8221; will comprise, among others: holdings of foreign currency notes and coins, availability of gold in the form of
good delivery bars or coins, sight deposits in foreign financial entities, holding of Argentine certificates of deposit (&#8220;CEDEAR&#8221;)
and other investments allowing for the immediate availability of foreign currency (for example, investments in foreign public securities,
funds in investment accounts deposited with investment managers located abroad, crypto assets, funds deposited in payment service providers&#8217;
accounts, etc.). On the other hand, the following will not be considered available liquid foreign assets: funds deposited abroad that
may not be used by the customer as they are reserve or guarantee funds created under foreign debt contracts, or funds kept as collateral
for foreign transactions with derivatives entered into abroad.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Furthermore,
in case access to the MLC has been requested, it is mandatory to enter and settle in the MLC, within a term of five business days after
they become available, foreign funds originating from the collection of loans granted to third parties, the collection of time deposits
or the sale of any kind of asset, in case the asset has been acquired, the deposit has been made or the loan has been granted after May
28, 2020.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
regards transactions with stock market assets is established: (i) the presentation of an affidavit declaring that, on the date of access
to the MLC and in the previous 90 calendar days, no domestic sales of securities to be settled in foreign currency, exchanges of securities
issued by foreign active residents, transfers of securities to foreign depositary entities, local acquisitions of securities issued by
non-residents and settled in pesos, acquisitions of CEDEAR representing foreign shares (from July 22, 2022), acquisitions of private
debt securities issued in a foreign jurisdiction, or deliveries of funds in domestic currency or other domestic assets (except for foreign-currency
funds deposited with local financial entities) to any natural or legal, resident or non-resident person, and whether or not affiliated,
receiving as prior or subsequent consideration, whether directly or indirectly, on its own or through any affiliate, controlled or controlling
entity, foreign assets, crypto-assets or securities deposited abroad and, lastly, the commitment not to perform any of the detailed transactions
for 90 calendar days following the request for access to the MLC should be evidenced; and (ii) that security transactions concerted abroad
and securities acquired abroad may not be settled in pesos in the country. Moreover, if the customer is a legal entity, as an additional
requirement to access the MLC, it also provided for an additional affidavit stating: (a) details of the individuals or legal entities
exercising a direct control relationship over the customer, according to BCRA&#8217;s regulations; and (b) that on the day access to
the MLC is requested and in the previous 90 calendar days, no local-currency funds or other liquid domestic assets have been delivered
in Argentina to any individual or legal entity exercising a direct control relationship over it, except for those directly associated
with regular transactions for the acquisition of goods and/or services. The requirement stated in item (b) will be deemed duly met if
the customer submits an affidavit regarding transactions with securities of each individual or legal entity pursuant to the current exchange
regulations.</FONT></P>


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">BCRA&#8217;s
prior authorization to access the MLC to cancel the principal of foreign financial debts with foreign affiliates is required up to and
including December 31, 2023. Furthermore, the BCRA extended the obligation to submit a refinancing plan for certain debts and principal
maturities scheduled until December 31, 2023, based on the following criteria: (i) access to the MLC for up to 40% of the principal amount,
within the original term; and (ii) the refinancing of the principal balance, through new foreign indebtedness with an average life of
2 years. Within the framework of this refinancing process, access to the MLC is allowed for the early cancellation of principal, interest
or debt swaps up to 45 calendar days before the maturity date, provided all requirements set forth by the regulation have been verified.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
October 2022, the Integral Import Monitoring System (&#8220;SIMI&#8221;) and the Integral Foreign Payments Monitoring System (&#8220;SIMPES&#8221;)
were replaced by the Argentine Republic&#8217;s Imports System (&#8220;SIRA&#8221;) and the Argentine Republic&#8217;s Imports and Foreign
Service Payments System (&#8220;SIRASE&#8221;), respectively. Moreover, BCRA established that no more advance, sight, or deferred without
clearance payments may be made through these new mechanisms, except for certain cases contemplated in the regulation.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Regarding
imports, BCRA&#8217;s prior authorization to access the MLC is required to make payments to import certain goods abroad or cancel the
principal of debts originating from the import of goods by companies. Additionally, before executing payments for the import of goods,
entities should verify that the affidavit requested from the customer is compatible with BCRA&#8217;s existing data. Additionally, the
BCRA created a registry of foreign exchange information of goods exporters and importers as a requirement to access the MLC to perform
forex outflow transactions, including swaps and arbitrations. The Company has been declared an obliged subject by the BCRA; it has completed
its enrollment in this registry and is under a duty to report any change in the recorded information within 15 business days of its occurrence.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
in October 2022, the BCRA introduced adjustment to foreign exchange regulations, establishing, among other provisions, access to the
MLC for subjects obtaining certifications under currency access systems for the incremental production of oil and/or natural gas pursuant
to PEN Executive Order No. 277/22 (see Note 2.2.3), for up to the amount of each certification, to be allocated to the payment of: (i)
principal and interest of commercial or financial liabilities abroad, including liabilities with non-resident affiliates, (ii) earnings
and dividends for closed and audited balance sheets; and/or (iii) the repatriation of direct investments by non-residents. RADPIP and/or
RADPIGN beneficiaries should appoint a single domestic financial entity responsible for issuing such certifications and recording the
amounts recognized by the SE and the applicable period.</FONT></P>

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


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.6</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Tax
                                            regulations - Main tax reforms</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to Law No. 27,430, Law No. 27,541, Law No. 27,630, and Law No. 27,701 several modifications were introduced in the tax treatment, the
key components of which are described below:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.6.1
<U>Income tax</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.6.1.1
Income tax rate</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to Law No. 27,430, the income tax rate for Argentine companies would be gradually reduced from 35% to 30% for fiscal years beginning
from January 1, 2018 to December 31, 2019, and to 25% for fiscal years beginning on or after January 1, 2020. However, Law No. 27,541
suspended the tax rate reduction planned for fiscal year 2020, keeping the rate at 30%.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 16, 2021, Law No. 27,630 was published in the BO, which modified the income tax rate effective for fiscal years starting as from
January 1, 2021 inclusive. This modification provides for the application of a tiered rate scheme and, if applicable, a fixed tax according
to the accumulated net taxable income tier: (i) for accumulated net income of up to $ 5&nbsp;million, it establishes a 25% rate; (ii)
for accumulated net income between $ 5 and $ 50 million, it establishes a fixed tax of $1.25&nbsp;million plus a 30% rate over the surplus
of $ 5&nbsp;million; and (iii) for accumulated net income above $ 50 million, it establishes a fixed tax of $ 14.75&nbsp;million plus
a 35% rate over the surplus of $50&nbsp;million. The accumulated net income amount will be adjusted yearly, as from January 1, 2022,
taking into consideration the annual CPI variation published by the INDEC.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
effect of the changes on deferred tax corresponding to comparative periods pursuant to the above-mentioned tax reform was recognised,
considering the effective rate expected to be applicable at deferred assets and liabilities realization year, in &#8220;Effect of tax
rate change in the deferred tax&#8221; under &#8220;Income tax&#8221; of the Consolidated Statement of Comprehensive Income (Note 10.6).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 16, 2022, AFIP&#8217;s General Resolution No. 5,248/22 was published in the BO, whereby the AFIP established a one-time income
tax prepayment by taxpayers and responsible persons listed in Section 73 of Law No. 20,628, as amended, meeting the following parameters:
(i) an assessed tax for the 2021 or 2022 tax period of at least $ 100 million, or (ii) taxable income, without deducting accumulated
tax losses, of at least $ 300 million. As of issuance of these Consolidated Financial Statements, the Company and its subsidiaries paid
an income tax prepayment for $ 1,863 million.</FONT></P>


<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.6.1.2
Tax on dividends</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Law
No. 27,430 and modifications introduced by Law No. 27,541 and Law No. 27,630, established a 7% tax on dividends derived from earnings
accrued during fiscal years beginning as from January 1, 2018, which be distributed by Argentine companies to individuals, undivided
estates or beneficiaries residing abroad.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividends
resulting from benefits gained until the fiscal year prior to that beginning on January 1, 2018 will remain subject to the 35% withholding
on the amount exceeding the untaxed distributable retained earnings (equalization tax&#8217; transition period) for all beneficiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>2.6.1.3
</I>Tax inflation adjustment</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Law
No. 27,430 sets out the following rules for the application of the income tax inflation adjustment mechanism:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            cost adjustment for goods acquired or investments made during fiscal years beginning after
                                            January 1, 2018 taking into consideration the percentage variations in the CPI published
                                            by the INDEC; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            application of the adjustment provided for by Title VI of the Income Tax Law when variations
                                            in the above-mentioned index exceed 100% over the 36 months preceding the closing of the
                                            fiscal period to be settled; alternatively, for the first, second and third fiscal year as
                                            from its effective date, this proceeding will apply in case the accumulated variation in
                                            such price index, calculated from the beginning of the first fiscal year to the closing of
                                            each fiscal year, are higher than 55%, 30% and 15% for the years 2018, 2019 and 2020, respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Law
No. 27,541 provided that, as regards the positive or negative fiscal inflation adjustment determined as a result of the application of
the adjustment provided for by Title VI of the Income Tax Law corresponding to the first and second fiscal year starting as from January
1, 2019, one-sixth should be charged in that fiscal period and the remaining five sixths, in equal parts, in the five immediately following
fiscal periods.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 1, 2022, Law No. 27,701 was published in the BO, which established that taxpayers determining a positive inflation adjustment
in the first and second fiscal year starting from January 1, 2022 (inclusive) may allocate one-third in that fiscal period and the remaining
two-thirds, in equal parts, in the two immediately following fiscal periods. This computation only applies to subjects making investments
in the purchase, construction, manufacture, production or final import of property, plant and equipment, except automobiles, during each
of the two fiscal periods immediately following that in which the computation of the first third of the period in question exceeds or
equals $ 30,000 million. Failure to comply with this requirement will result in the loss of this benefit.</FONT></P>


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of issuance of these Consolidated Financial Statements, this provision has not yet been regulated.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company and its subsidiaries determine and disclose the impact of the tax inflation adjustment for each of the fiscal periods in which
it is applicable (see Note 10.6).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.6.2
<U>Value-added tax</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
procedure is established for the reimbursement of tax credits originated in investments in property, plant and equipment which, after
6 months as from their assessment, have not been absorbed by tax debits generated by the activity.</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">These
Consolidated Financial Statements have been prepared in accordance with IFRS issued by IASB, are expressed in million dollars and were
approved for their issuance by the Board of Directors on March 9, 2023. Significant accounting policies adopted in the preparation of
these Consolidated Financial Statements are described in Note 4, which have been consistently applied.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
consolidated financial information has been prepared under the historical cost convention, modified by the measurement of financial assets
at fair value through profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">These
accounting policies have been applied consistently by all Group companies. Additionally, certain non-significant reclassifications have
been made to financial statements presented with comparative purposes to keep the consistency in the presentation with the amounts of
the current year.</FONT></P>


<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
4</U>: ACCOUNTING POLICIES</FONT></P>

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

<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The main
accounting policies used in the preparation of these Consolidated Financial Statements are explained below.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">New accounting
                                            standards, amendments and interpretations issued by the IASB effective as of December 31,
                                            2022 and adopted by the Company</FONT></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
application of the detailed standards and amendments did not have any impact on the results of the operations or the financial position
of the Company.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">New standards,
                                            amendments and interpretations issued by the IASB not yet effective and which have not been
                                            early adopted by the Company</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>-</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS
                                            17 - &#8220;Insurance Contracts&#8221;: issued in May 2017 and modified in June 2020 and
                                            December 2021. It supersedes IFRS 4, introduced in 2004 as an interim standard, which gave
                                            companies dispensation to carry on accounting for insurance contracts using national accounting
                                            standards, thus resulting in several application approaches. IFRS 17 sets the principles
                                            for the recognition, measurement, presentation and disclosure of information associated with
                                            insurance contracts and is applicable as from January 1, 2023, allowing for its early adoption
                                            for entities already applying IFRS 9 and IFRS 15. Its application will not have a significant
                                            impact on the Company&#8217;s operating results or financial position.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">IAS
                                            1 - &#8220;Presentation of financial statements&#8221;: amended in February 2021. It incorporates
                                            amendments to the information to be disclosed on accounting policies. Amendments are applicable
                                            to fiscal years starting on or after January 1, 2023, allowing for early adoption. Its application
                                            will not have a significant impact on the Company&#8217;s operating results or financial
                                            position.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">IAS
                                            8 - &#8220;Accounting Policies&#8221;: amended in February 2021. Clarifies the treatment
                                            of estimates required in the application of accounting policies. Amendments are applicable
                                            to fiscal years beginning on or after January 1, 2023, allowing for early adoption. Their
                                            application will not have an impact on the Company&#8217;s operating results or financial
                                            position.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">IAS
                                            12 - &#8220;Income Tax&#8221;: amended in May 2021. It incorporates modifications regarding
                                            the recognition of deferred tax related to assets and liabilities that arise from a single
                                            transaction, giving riso to equal taxable and deductible temporary differences. Amendments
                                            are applicable to fiscal years beginning on or after January 1, 2023, allowing for early
                                            adoption. Their application will not have an impact on the Company&#8217;s operating results
                                            or financial position.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS
                                            16 - &#8220;Leases&#8221;: amended in September 2022. It incorporates amendments on sale
                                            and leaseback transactions. Amendments are applicable to fiscal years starting on or after
                                            January 1, 2024, allowing for early adoption. Its application will not have a significant
                                            impact on the Company&#8217;s operating results or financial position.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">IAS
                                            1 - &#8220;Presentation of financial statements&#8221;: amended in January 2020, July 2020
                                            and October 2022. It incorporates amendments to the classification of liabilities as current
                                            or non-current and provides clarification on the treatment to be given to liabilities with
                                            covenants. Amendments are applicable to fiscal years starting on or after January 1, 2024,
                                            allowing for early adoption. Their application will not have a significant impact on the
                                            Company&#8217;s operating results or financial position.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.3</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Effects of changes
                                            in foreign exchange rates</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.3.1
<U>Functional and presentation currency</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
information included in these Consolidated Financial Statements is recorded in U.S. dollars, which is the Company&#8217;s functional
currency, that is, the currency of the primary economic environment where the entity operates.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.3.2
<U>Foreign-currency transactions and balances</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Foreign
currency transactions are translated into the functional currency at the exchange rates prevailing on each transaction date or valuation
date, when items are remeasured. Foreign exchange gains and losses arising on the settlement of monetary items and on translating monetary
items at the closing of the fiscal year using year-end exchange rate are recognised within the financial results in the statement of
comprehensive income, with the exception of capitalized amounts.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.3.3
<U>Group entities&#8217; translation into functional currency</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company applies the step-by-step method of consolidation; consequently, the financial statements of entities with a functional currency
different from the U.S. dollar are first translated into the Company&#8217;s functional currency and later into the presentation currency.</FONT></P>


<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
results and financial position of the Company, its subsidiaries, joint ventures and associates with the U.S. dollar as their functional
currency are translated into the presentation currency at the end of each period using the following method:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-
assets and liabilities are translated at the year-end exchange rates;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-
income and expenses are translated at the exchange rate in effect on the date of each transaction;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-
results from the translation of functional into presentation currency are recognised under &#8220;Other comprehensive income.&#8221;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
results and financial position of subsidiaries, joint ventures and associates whose functional currency is the Argentine Peso, a currency
of a hyperinflationary economy, are translated into the Company&#8217;s functional currency using the year-end exchange rate. The results
generated by the application of the IAS 29 adjustment mechanism for hyperinflationary economies on the opening equity measured in functional
currency are recognized under &#8220;Other comprehensive income&#8221;.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.3.4
<U>Presentation of Other comprehensive income within the Company&#8217;s equity</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Until
fiscal year ended December 31, 2021, the Company presented directly under Shareholders&#8217; equity, in the retained earnings line,
other comprehensive income generated by the results&#8217; translation differences (at opening balance and for the year) of the Company
and its subsidiaries, joint ventures and associates which functional currency is the U.S. dollar.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Likewise,
until the fiscal year ended December 31, 2021, the Company disclosed directly in the retained earnings line the results generated by
the application of the IAS 29 adjustment mechanism on the opening retained earnings measured in functional currency, whereas the remaining
results are presented in a separate component of equity and accumulated until the disposal of the foreign business in &#8220;Other comprehensive
income,&#8221; in accordance with IAS 21.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to CNV General Resolution 941/22, from the fiscal year ended December 31, 2022, translation differences resulting from the reserved earnings
and unallocated results accounts are transferred to the items originating them.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
a result of the application of the described policy, the translation of the functional currency into a different presentation currency
does not change the way in which the underlying items are measured, preserving the amounts, both retained earnings and equity holders,
measured in the functional currency in which they are generated.</FONT></P>


<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Principles of
                                            consolidation and equity accounting</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4.1
<U>Subsidiaries</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subsidiaries
are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of
the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. The Group ceases consolidation
of entities from the date that control ceases.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
acquisition method of accounting is used to account for business combinations by the Group (see Note 4.4.5 below).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Intercompany
transactions, balances and unrealized gains on transactions between Group entities are eliminated. Unrealized losses are also eliminated
unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed
when necessary to ensure consistency with the policies adopted by the Group.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-controlling
interests in the results and equity of subsidiaries are shown separately in the Consolidated Statement of Comprehensive Income, Consolidated
Statement of Changes in Equity and Consolidated Statement of Financial Position respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4.2
<U>Associates </U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Associates
are all entities over which the group has significant influence but not control or joint control. This is generally the case where the
Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting
(see Note 4.4.4 below), after initially being recognised at cost.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4.3
<U>Joint arrangements</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investments
in joint arrangements are classified as either joint operations or joint ventures, according to IFRS 11. The classification depends on
the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Company has both
joint operations and joint ventures.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>4.4.3.1
Joint operations</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes its direct right to the assets, liabilities, incomes and expenses of joint operations and its share of any jointly
held or incurred assets, liabilities, incomes and expenses. These have been incorporated in the Consolidated Financial Statements under
the appropriate headings.</FONT></P>


<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>4.4.3.2
Joint ventures</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Interests
in joint ventures are accounted for using the equity method, after initially being recognised at cost (see Note 4.4.4 below).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4.4
<U>Equity Method</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the equity method of accounting, the investments are initially recognised at cost and adjusted to recognize the Group&#8217;s share of
the post-acquisition profits or losses of the investee in profit or loss, and the Group&#8217;s share of movements in other comprehensive
income of the investee in other comprehensive income.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
acquisition of the investment, any difference between the cost of the investment and the entity&#8217;s share of the net fair value of
the investee&#8217;s identifiable assets and liabilities is accounted for as follows: (i) goodwill relating to an associate or a joint
venture is included in the carrying amount of the investment and is not amortised, and (ii) any excess of the net fair value over the
cost is included as income in the determination of the entity&#8217;s share of the associate or joint venture&#8217;s profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividends
received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">When
the Group&#8217;s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, together with any long-term
interests that, in substance, form part of the net investment, the Group does not recognize further losses, unless it has incurred obligations
or made payments on behalf of the other entity.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unrealized
gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the group&#8217;s interest
in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Accounting policies of equity accounted investees have been changed where necessary to ensure consistency with the policies adopted by
the Group.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
carrying amount of equity accounted investments is tested for impairment in accordance with the policy described below in Note 4.9.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4.5
<U>Business combinations</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other
assets are acquired. The consideration transferred for the acquisitions comprises:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            fair value of the transferred assets,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            liabilities incurred to the former owners of the acquired business,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            equity interests issued by the group,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            fair value of any asset or liability resulting from a contingent consideration arrangement,
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            fair value of any pre-existing equity interest in the subsidiary.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Identifiable
assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values
in the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis
at the non-controlling interest&#8217;s proportionate share of the acquired entity&#8217;s net identifiable assets.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Acquisition-related
costs are expensed as incurred. The value of the goodwill represents the excess of: i) the consideration transferred, ii) the amount
of any non-controlling interest in the acquired entity, and iii) the acquisition-date fair value of any previous equity interest in the
acquired entity, over the fair value of the net identifiable assets acquired is recorded as goodwill. If the fair value of the net identifiable
assets of the business acquired exceeds those amounts, the gain on bargain purchase is recognised directly in profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Where
settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as
at the date of exchange. The discount rate used is the entity&#8217;s incremental borrowing rate, being the rate at which a similar borrowing
could be obtained from an independent financier under comparable terms and conditions.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contingent
consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured
to fair value with changes in fair value recognised in profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the business combination is achieved in stages, the acquisition date carrying value of the acquirer&#8217;s previously held equity interest
in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised
in profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Group has up to 12 months to finalize the accounting for a business combination. Where the accounting for a business combination is not
complete by the end of the year in which the business combination occurred, the Group reports provisional amounts.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4.6
<U>Changes in ownership interests</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of
the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling
interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling
interests and any consideration paid or received is recognised in &#8220;Other reserves&#8221; within equity attributable to owners of
the Company.</FONT></P>


<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">When
the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence,
any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or loss.
This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate,
joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity
are accounted for as if the Group had directly disposed of the related assets or liabilities, this means that amounts previously recognised
in other comprehensive income are reclassified to profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate
share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.5</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Segment reporting</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating
segments are reported in a manner consistent with the internal reporting provided to the Executive committee.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Executive Committee, is the highest decision-making authority, is the person responsible for allocating resources and setting the performance
of the entity&#8217;s operating segments and has been identified as the body executing the Company&#8217;s strategic decisions.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
segmentation the Company considers transactions with third parties and intercompany operations, which are done on internal transfer pricing
based on market prices for each product.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.6</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Property, plant
                                            and equipment</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Property,
Plant and Equipment is measured following the cost model. It is recognised at acquisition cost less depreciation a less any accumulated
impairment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subsequent
costs are included in the asset&#8217;s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that
future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying
amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged
to profit or loss during the reporting period in which they are incurred.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
cost of work in progress whose construction will extend over time includes, if applicable, the computation of financial costs accrued
on loans granted by third parties and other pre-production costs. Revenues and costs arising from the sale of elements obtained during
the start-up process are charged to the profit and loss of the period.</FONT></P>


<!-- Field: Page; Sequence: 62 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Works
in progress are valued according to their degree of progress. Works in progress are recorded at cost less any loss due to impairment,
if applicable.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Assets&#8217;
residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each year. An asset&#8217;s carrying amount
is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gains
and losses on disposals are determined by comparing the sale price with the carrying amount, stated in terms of the measuring unit current
at the disposal date.&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.6.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Depreciation
                                            methods and useful lives</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
group depreciates productive wells, machinery and camps in the oil and gas production areas according to the units of production method,
by applying the ratio of oil and gas produced to estimated proved developed oil and gas reserves. The acquisition cost of property with
proved reserves is depreciated by applying the ratio of oil and gas produced to estimated proved oil and gas reserves. Acquisition costs
related to properties with unproved reserves is valued at cost with recoverability periodically assessed on the basis of geological and
engineering estimates of possible and probable reserves that are expected to be proved over the life of each concession.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Machinery
and generation equipment (including any significant identifiable component) are depreciated under the unit of production method.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
group&acute;s remaining items of property, plant and equipment (including any significant identifiable component) are depreciated by
the straight-line method based on estimated useful lives, as detailed below:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify; width: 83%">Buildings:&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 17%">50 years</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Vehicles:&nbsp;</TD>
    <TD STYLE="vertical-align: middle">3 - 5 years</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Furniture, fittings and communication equipment:&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">5  years</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Computer equipment and software:&nbsp;</TD>
    <TD STYLE="vertical-align: middle">3 years</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Tools:&nbsp;</TD>
    <TD STYLE="vertical-align: middle">10 years</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Equipment and machinery:</TD>
    <TD STYLE="vertical-align: middle">10 - 30 years</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
appropriate, the depreciation method is reviewed and adjusted at the end of each year.</FONT></P>


<!-- Field: Page; Sequence: 63 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.6.2
<U>Asset retirement obligations and wind turbines decommissioning</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Estimated
future costs of asset retirement obligations on well abandonment in oil and gas areas and wind turbines decommissioning in wind farms,
discounted at a risk adjusted rate, are capitalized in the cost of the assets and depreciated using the units of production method. Additionally,
a liability at the estimated value of the discounted amounts payable is recognised. Changes in the measurement of asset retirement obligations
that result from changes in the estimated timing, amount of the outflow of resources required to settle the obligation, or the discount
rate, are added to, or deducted from, the cost of the related asset. If a decrease in the liability exceeds the carrying amount of the
asset, the excess is recognised immediately in profit or loss.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.7</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Intangible
                                            assets</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.7.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Goodwill</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Goodwill
is the result of the acquisition of subsidiaries. Goodwill represents the excess of the acquisition cost over the fair value of the equity
interest in the acquired entity held by the company on the net identifiable assets acquired on the date of acquisition.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
impairment testing, goodwill acquired in a business combination is allocated from the acquisition date to each of the acquirer&#8217;s
CGU or group of CGU that are expected to benefit from the synergies of the combination. Each unit or group of units that goodwill is
allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.7.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Concession
                                            arrangements </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Concession
arrangements corresponding to hydroelectric generation plants Diamante and Nihuiles are not under the scope of the guidelines of IFRIC
12 &#8220;Service Concession Arrangements&#8221;.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">These
concession agreements meet the criteria set forth by the IFRSs for capitalization less depreciation a less any accumulated impairment.
They are amortized following the straight-line method based on useful life, which corresponds to the life of each concession agreement.</FONT></P>


<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.7.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Identified
                                            intangible assets in acquired investments</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Corresponds
to intangible assets identified in the moment of the acquisition of companies. Identified assets meet the criteria established in IFRS
for capitalization less depreciation and less any accumulated impairment. They are amortized by the straight-line method according to
the useful life of each asset, considering the estimated way in which the benefits produced by the asset will be consumed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.7.4
<U>Digital Assets</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company accounts for digital assets (cryptocurrencies) as intangible assets with indefinite useful life under the cost model. They are
recognised at acquisition cost less any accumulated impairment.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.8</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Assets
                                            for oil and gas exploration</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company uses the successful efforts method of accounting for its oil and gas exploration and production activities. This method involves
the capitalization of: (i) the cost of acquiring properties in oil and gas exploration and production areas; (ii) the cost of drilling
and equipping exploratory wells that result in the discovery of commercially recoverable reserves; (iii) the cost of drilling and equipping
development wells, and (iv) the estimated asset retirement obligations (see Note 4.6.2).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">According
to the successful efforts method of accounting, exploration costs (including geological and geophysical costs), excluding exploratory
well costs, are expensed during the period in which they are incurred. Drilling costs of exploratory wells are capitalized until it is
determined that proved reserves exists and they justify the commercial development. If reserves are not found, such drilling costs are
expensed. Occasionally, an exploratory well may determine the existence of oil and gas reserves but they cannot be classified as proved
when drilling is complete. In those cases, such costs continue to be capitalized insofar as the well has allowed determining the existence
of sufficient reserves to warrant its completion as a production well and the Company is making sufficient progress in evaluating the
economic and operating feasibility of the project.</FONT></P>


<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.9</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Impairment
                                            of non-financial long-lived assets</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Intangible
assets that have an indefinite useful life and goodwill are not subject to amortization and are tested annually for impairment, or more
frequently if events or changes in circumstances indicate that they might be impaired.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
remaining non-financial long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset&#8217;s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an asset&#8217;s fair value less costs of disposal and value in use. For
the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows which
are largely independent of the cash inflows from other assets or groups of assets (CGU).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-financial
long-lived assets, other than goodwill, that have been impaired are reviewed for possible reversal of the impairment at the end of each
reporting period.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.10</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial
                                            assets</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Classification</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Group classifies its financial assets in the following categories:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">those
                                            that are subsequently measured at fair value, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">those
                                            that are subsequently measured at amortised cost.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
classification depends on the entity&#8217;s business model for managing the financial assets and the contractual cash flow characteristics.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gains
and losses from financial assets measured at fair value, will be recorded in the Statement of Comprehensive Income or in the  Other Comprehensive Income.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investments
in equity instruments are measured at fair value. For those investments that are not held for trading, the Company may make an irrevocable
election at initial recognition to present subsequent changes in other comprehensive income. The Company's election was to recognize
changes in fair value through profit and loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
company reclassifies financial assets when and only when it changes its business model for managing those financial assets.</FONT></P>


<!-- Field: Page; Sequence: 66 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Recognition
                                            and derecognition </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
conventional purchases and sales of financial assets are accounted for at settlement date. Financial assets are derecognised when contractual
rights to the cash flows from the financial assets have expired or been transferred, and the Company has substantially transferred all
risks and rewards of ownership of the asset.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Measurement
                                            </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
gain or loss on a debt investment that is subsequently measured at fair value and is not part of a hedging relationship is recognised
in profit or loss and disclosed in &#8220;Changes in the fair value of financial instruments&#8221; within &#8220;Other financial Results.
A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognised
in profit or loss when the financial asset is derecognised or impaired and through the amortization process using the effective interest
rate method.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Group subsequently measures equity investments at fair value. Dividends from such investments continue to be recognised in profit or
loss as long as they represent a return on investment.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.4</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Impairment
                                            of financial assets</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company assesses the expected credit losses related to its financial instruments at amortized cost and financial instruments at fair
value through other comprehensive income, if applicable.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company applies the simplified approach allowed by IFRS 9 to measure expected credit losses for trade receivables and other receivables
with similar risk characteristics. For this purpose, receivables are grouped by business segment and based on shared credit risk characteristics
and expected credit losses are determined based on rates calculated for different ranges of default days from the due date.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
expected loss rates are based on the sales collection profiles over a period of 24 months before the end of each year, considering historical
credit losses experienced within this period that are adjusted, if applicable, to reflect forward-looking information that could affect
the ability of customers to settle the receivables.</FONT></P>


<!-- Field: Page; Sequence: 67 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.10.5</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Offsetting
                                            of financial instruments</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial
assets and liabilities are offset, and the net amount reported in the consolidated statements of financial position, when there is a
legally enforceable right to offset the recognised amounts, and there is an intention to settle on a net basis, or realize the asset
and settle the liability simultaneously.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.11</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Trade
                                            and other receivables</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade
receivables and other receivables are recognised at fair value and subsequently measured at amortized cost, using the effective interest
method, less provision for impairment, if applicable.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes provisions for impairment on trade and other receivables based on expected credit loss model described in Note 4.10.4.
Trade receivables are written off when there is no reasonable expectation of recovery. The Company considers the following default indicators:
i) voluntary reorganization proceedings, bankruptcy or initiation of judicial demands; ii) insolvency implying a high impossibility of
collection and iii) past due balances greater than 90 days.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Where
applicable, provisions for impairment on tax credits have been recognised based on estimates on their uncollectibility within their statutory
limitation period, taking into consideration the Company&#8217;s current business plans.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.12</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Derivative
                                            financial instruments and hedging account</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Derivative
financial instruments are measured at fair value, determined as the amount of cash to be collected or paid to settle the instrument as
of the measurement date, net of any prepayment collected or paid. Fair value of derivative financial instruments traded in active markets
is disclosed based on their quoted market prices and fair value of instruments that are not traded in active markets is determined using
different valuation techniques. Subsequent accounting of changes in fair value depends on whether the derivative is designated as a hedging
instrument and, if so, the nature of the item being hedged.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company may designate derivative financial instruments in the following categories:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.45pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">fair
                                            value hedge of recognised assets or liabilities or over firm commitment (fair value hedge);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.45pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">cash
                                            flow hedges of a particular risk associated with recognised assets and liabilities and highly
                                            probable future transactions (cash flow hedges), or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.45pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">net
                                            investment hedge in foreign operation (net investment hedges).</FONT></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 68 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
the beginning of the hedge relationship, the Group documents the economic relationship between the hedging instruments and the hedged
items, even if it is expected that changes in the cash flows of the hedging instruments offset changes in the cash flows of the hedged
items. The Group documents its objective and risk management strategy to carry out its hedging operations.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Changes
in the measurement of derivative financial instruments designated as cash flow hedge, which have been determined as effective, are recognised
in equity. The gain or loss related to the ineffective portion is recognised immediately in profit or loss. Changes in the measurement
of derivative instruments that do not qualify for hedge accounting are recognised in profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company has not formally designated financial instruments as hedging instruments.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.13</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Inventories</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
line item includes crude oil stock, raw materials, work in progress and finished products relating to Petrochemicals and Oil and Gas
business segments as well as materials and spare parts relating to the Generation business segment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Inventories
are stated at the lower of cost or net realizable value. Cost is determined using the weighted average price method. The cost of inventories
includes expenditure incurred in purchases and production and other necessary costs to bring them to their existing location and condition.
In case of manufactured products and production in process, the cost includes a portion of indirect production costs, excluding any idle
capacity (slack).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the
estimated costs to make the sale.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
assessment of the recoverable value of these assets is made at each reporting date, and the resulting loss is recognised in the statement
of income when the inventories are overstated.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company has classified materials and spare parts into current and non-current, depending on the timing in which they are expected to
be used for replacement or improvement on existing assets. The portion of materials and spare parts for maintenance or improvements on
existing assets, is exposed under the heading &#8220;Property, plant and equipment&#8221;.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.14</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Non-current
                                            assets (or disposal group) held for sale and discontinued operations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-current
assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than
through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value
less costs to sell, except deferred tax assets, assets arising from employee benefits, financial assets and investment property that
are carried at fair value and contractual rights from insurance contracts, which are specifically exempt from this requirement.</FONT></P>


<!-- Field: Page; Sequence: 69 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">An
impairment loss is recognized for any initial or subsequent write-down of the asset until fair value less costs to sell. A gain is recognized
for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment
loss previously recognized. The gain or loss not previously recognized by the date of the sale of the non-current asset is recognized
at the date of derecognition.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-current
assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale.
Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-current
assets or group of assets classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities
of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet. These assets and
liabilities are not offset.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
it is a discontinued operation, that is, an item which has been disposed of or classified as held for sale; and (i) it represents a significant
business line or geographic area which may be considered separate from the rest; (ii) it is part of a single coordinated plan to dispose
of a significant business line or operating geographic area which may be deemed separate from the rest; or (iii) it is a subsidiary entity
acquired solely for the purpose of reselling it; a single amount is disclosed in the statement of comprehensive income, which shows results
of discontinued operations, net of tax, including the result for the valuation at fair value less cost of sales or asset disposal costs,
if applicable.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.15</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Cash
                                            and cash equivalents</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the purpose of presentation in the Consolidated Statement of Cash Flows, cash and cash equivalents includes cash on hand, deposits held
at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that
are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. If any, bank overdrafts
are shown within borrowings in current liabilities in the Consolidated Statement of Financial Position and there are not disclosed under
Cash and cash equivalents in the Consolidated Statement of Cash Flows since they are not part of the Company&#8217;s cash management.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.16</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Shareholder&acute;s
                                            equity</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Equity&#8217;s
movements accounted for in accordance with the pertinent decisions of shareholders' meetings and legal or regulatory standards.</FONT></P>


<!-- Field: Page; Sequence: 70 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
equity accounts have been restated in terms of the measuring unit current as of December 31, 2018, with the exception of Share capital
and Treasury shares, which represent the subscribed and paid in, and the outstanding treasury capital, respectively. The adjustment resulting
from its restatement as of December 31, 2018 is disclosed in the Comprehensive share capital adjustment and Comprehensive treasury shares
adjustment lines, respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
from the change in functional currency, on January 1, 2019 the Company discontinued the preparation and presentation of financial statements
under IAS 29, and has considered equity figures expressed in terms of the measuring unit current as of December 31, 2018 as the basis
for subsequent financial statements&#8217; amounts.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Share
                                            capital</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share
capital represents the capital issued, composed of the contributions that were committed and/or made by the shareholders and represented
by shares that comprise outstanding shares at nominal value.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Share
                                            premium</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
includes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            portion of the collected price exceeding the face value of the shares issued by the Company,
                                            net of absorbed accumulated losses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            difference between the fair value of the consideration paid/collected and the accounting
                                            value of the equity interest in the subsidiary acquired/sold/diluted which does not represent
                                            a loss of control or significant influence.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            difference between the proportional equity value registered before the merger of the subsidiary
                                            and the value resulting from applying to the subsidiary&#8217;s merged equity interest, the
                                            new ownership share resulting from the exchange relationship.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Legal
                                            reserve</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the LGS, the calculation of the legal reserve considers 5% of the profits arising from the total results of the fiscal year, adjustments
to prior fiscal years, the amounts carried forward from other comprehensive income to retained earnings, translation differences transferred
to retained earnings under the policy described in Note 4.3.4, and retained losses from previous fiscal years; the resulting amount will
be allocated to the legal reserve until reaching 20% of the share capital plus the capital adjustment account balance and the translation
differences originated in the share capital and share capital adjustment account. If this reserve&#8217;s amount is reduced for any reason,
dividends may not be distributed until such amount is paid, considering the translation differences transferred to the legal reserve
as of the restructuring date.</FONT></P>


<!-- Field: Page; Sequence: 71 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Voluntary
                                            reserve</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
corresponds to reserved earnings under the allocation made by the Shareholders&#8217; Meeting, whereby a specific amount is set aside
to cover for projects&#8217; funding needs and any possible situations that may arise regarding Company policies and translation differences
appropriated to the voluntary reserve in accordance with the policy described in Note 4.3.4.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Other
                                            reserves</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
includes the result of operations with non-controlling interest that do not result in a loss of control and reserves for stock compensation
plans.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Retained
                                            earnings </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">They
comprise accumulated profits or losses without a specific appropriation; positive earnings can be distributable by the decision of the
Shareholders&#8217; meeting as long as they are not subject to legal and/or contractual restrictions. They comprise the results for the
fiscal year, prior years&#8217; undistributed retained earnings, amounts transferred from other comprehensive income, prior years&#8217;
adjustments by application of IFRS, and translation differences appropriated to retained earnings under the policy described in Note
4.3.4.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">General
Resolution No. 593/11 issued by the CNV provided that Shareholders in the Meetings at which they should decide upon the approval of financial
statements in which the Retained earnings account has a positive balance, should adopt an express resolution as to the allocation of
such balance, whether to dividend distribution, capitalization, setting up of reserves or a combination of these. The Company&#8217;s
Shareholders have complied with these requirements.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Other
                                            comprehensive income</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
comprises translation differences other than those resulting from reserved earnings and unallocated results that are transferred to the
items originating them pursuant to the policy described in Note 4.3.4, and actuarial gains and losses for defined benefit plans and their
corresponding tax effects.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.16.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Dividends
                                            distribution </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividend
distribution to Company shareholders is recognised as a liability in the year in which the dividends are approved by the Shareholders'
Meeting. The distribution of dividends is made based on the Company&#8217;s Stand-Alone Financial Statements, which are presented in
pesos, the legal currency in Argentina, pursuant to regulatory requirements.</FONT></P>


<!-- Field: Page; Sequence: 72 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.17</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Compensation
                                            plans</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following guidelines under IFRS 2 have been taken into consideration for the registration of stock-based compensations:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.17.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Compensations
                                            payable in cash</U>:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Compensation
Agreements &#8211; Senior Management: fixed compensation and annual, variable and contingent long-term compensation established based
on the Company&#8217;s annual market value appreciation, with a payment cap over the Company&#8217;s adjusted operating income. With
the purpose of avoiding duplication, any analogous compensation paid to senior managers by any of the Company&#8217;s subsidiaries will
be deducted from the compensation amount in proportion to the Company&#8217;s interests in such subsidiaries.</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
reasonable value of the received services is measured through a share appreciation estimate using the Black-Scholes-Merton financial
valuation model. The fair value of the amount payable is accrued and acknowledged as an expense, with the corresponding increase in liabilities.
Liabilities are revalued on each balance sheet date. Any change in the fair value of liabilities is disclosed under profit or loss.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.17.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Compensations
                                            payable in shares</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stock
compensation plan by which certain officers and other key staff receive a certain number of the Company&#8217;s shares. The Company&#8217;s
Board of Directors approves the market acquisition of own shares as a means of implementing the Plan (see Note 13.1.2).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
number of shares is calculated as from a percentage over the total annual remuneration, plus the bonus assigned to each covered employee,
divided by the weighted average price, in pesos, of the Company&#8217;s share and ADR for the same period; with one-third vesting each
year, which will be awarded together with the payroll for April of the year following the vesting date, with the requirement that the
employment relationship continues at least until each vesting date. The fair value of the received services is measured at the fair value
of the shares at the time of granting and is disclosed during the vesting period, together with the corresponding increase in equity.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.18</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Trade
                                            payables and other payables</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade
payables and other payables are recognised initially at fair value and subsequently measured at amortized cost using the effective interest
method.</FONT></P>


<!-- Field: Page; Sequence: 73 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.19</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Borrowings</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Borrowings
are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any
difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period
of the borrowings, using the effective interest method.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Borrowings
are removed from the statement of financial position when the obligation specified in the contract is discharged, canceled or expired.
The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the
consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income
or finance costs.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
a debt contract is amended or swapped, the Company records the cancellation of the original liability and discloses a new financial liability
if the new conditions are substantially different from the original ones.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Borrowings
are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12
months after the reporting period.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.19.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Borrowing
                                            costs</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">General
and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are
capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets
are assets that necessarily take a substantial period of time to get ready for their intended use or sale.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investment
income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the
borrowing costs eligible for capitalization.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
borrowing costs are expensed in the period in which they are incurred.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.20</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Employee
                                            benefits</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.20.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Short-term
                                            obligations</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payroll
liabilities, including non-monetary benefits and accumulated sick leave expected to be settled in full within 12 months after the end
of the reporting period in which the employees provide the associated service are recognised for the amount expected to be paid when
the liabilities are settled. The liabilities are disclosed as Salaries and social security payable in the consolidated statement of financial
position.</FONT></P>


<!-- Field: Page; Sequence: 74 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.20.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Defined
                                            benefit plans </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Labor
costs liabilities are accrued in the periods in which the employees provide the services that trigger the consideration.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
the Company operates several defined benefit plans. Defined benefit plans define an amount of pension benefit that an employee will receive
on retirement, depending on one or more factors, such as age, years of service and compensation. In accordance with conditions established
in each plan, the benefit may consist in a single payment, or in making complementary payments to those made by the pension system.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
defined benefit liability recognised in the financial statement balance sheet, at the end of the reporting period, is the present value
of the defined benefit obligation net of the fair value of the plan assets, when applicable. The defined benefit obligation is calculated
annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined
by discounting the estimated future cash outflows using future actuarial assumptions about demographic and financial variables that affect
the determination of the amount of such benefits.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Actuarial
gains and losses from experience adjustments and changes in actuarial assumptions, are recognised in other comprehensive income (loss)
in the period in which they arise and past service costs are recognised immediately in the statement of income (loss).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.21</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Provisions,
                                            contingent liabilities and contingent assets</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Provisions
are recognised when the group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow
of resources will be required to settle that obligation, and the amount can be reliably estimated. Provisions are not recognised for
future operating losses.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Provisions
are measured at the present value of the expenditures expected to be required to settle the present obligation, taking into account the
best available information as of the date of the Consolidated Financial Statements based on assumptions and methods considered appropriate
and taking into account the opinion of Company&#8217;s legal advisors. As additional information becomes available to the Company, estimates
are revised and adjusted periodically. The discount rate used to determine the present value reflects current market assessments of the
time value of money and the risks specific to the liability, as of the date of the financial statements. The increase in the provision
due to the passage of time is recognised within other financial results.</FONT></P>


<!-- Field: Page; Sequence: 75 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contingent
liabilities are possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence
of uncertain future events not wholly within the control of the entity; or present obligations that arise from past events but it is
not probable that an outflow of resources will be required to its settlement; or whose amount cannot be measured with sufficient reliability.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contingent
liabilities are not recognised. The Company discloses in notes to the Consolidated Financial Statements a brief description of the nature
of material contingent liabilities.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contingent
liabilities, whose possibility of any outflow in settlement is remote, are not disclosed unless they involve guarantees, in which case
the nature of the guarantee is disclosed.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contingent
assets are possible assets that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence
of uncertain future events not wholly within the control of the entity.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contingent
assets are not recognised. The Company discloses in notes to the Consolidated Financial Statements a brief description of the nature
of material contingent assets, where the related inflows of economic benefits are estimated to be probable.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.22</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Revenue
                                            from contracts with customers</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.22.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Generation
                                            segment</U>:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>4.22.1.1
Revenues from sales to the spot market (SE Resolution N&deg;826/22) </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes revenues from i) power availability on a monthly basis as the different power plants are available to generate; ii)
power generated, operated energy and power generated in peak hours, when the delivery of energy is effective, based on the price applicable
depending on the technology of each plant. Revenues are not adjusted for the effect of financing components as sales are made with an
average credit term of 42 days, which is consistent with market practice.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>4.22.1.2
Revenues from supply agreements with CAMMESA (SE Resolution No. 220/07, SEE Resolution No. 21/16, SEE Resolution No. 287/17 and Renovar
Programs)</I></FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes revenues from supply contracts with CAMMESA for i) power availability, when applicable, on a monthly basis, as the
different power plants are available to generate and ii) energy generated when the delivery of energy is effective, based on the price
established in each contract. Revenues are not adjusted for the effect of financing components as sales are made with an average credit
term of 42 days, which is consistent with market practice.</FONT></P>


<!-- Field: Page; Sequence: 76 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>4.22.1.3
Revenues from sales contracts with large users within the MAT</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes revenues from energy plus sales and renewable energy when the delivery of energy is effective based on the price established
in each contract. Revenues are not adjusted for the effect of financing components as sales are made with an average credit term of 30
days, which is consistent with market practice.</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.22.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Oil
                                            and gas segment</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes revenues from the sale of oil and gas, to third parties and intersegment, when control of the product is transferred,
that is, at the output of each area, when the oil and gas is delivered to the carrier and to the extent there is no unfulfilled obligation
that could affect the acceptance of the product by the client. In all cases the transport of the gas is in charge of the client. Revenues
from these sales are recognised based on the price by product specified in each contract or agreement to the extent that it is highly
probable that a significant reversal will not occur.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenues
are not adjusted for the effect of financing components as sales are made with an average credit term not exceeding 45 days, which is
consistent with market practice.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.22.3
<U>Petrochemical segment</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes revenues from the sale of petrochemical products, whether in local or foreign markets, when the control of the product
is transferred, that is, when the products are delivered to the client and there is no unfulfilled obligation that could affect the acceptance
of the product by the client. The delivery, as established in each contract, is occurs:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)
when the products are dispatched and transported by and in charge of the client, or,</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)
when the products have been dispatched by the Company to a specific location, the obsolescence risks and loss have been transferred to
the client, and the client has accepted the products according to the sale contract, the acceptance provisions have expired, or when
the Company has objective evidence that all acceptance criteria have been met.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenues
from these sales are recognised based on the price specified in each contract, to the extent that it is highly probable that a significant
reversal will not occur. Revenues are not adjusted for the effect of financing components as sales are made with an average credit term
not exceeding 30 days, which is consistent with market practice.</FONT></P>


<!-- Field: Page; Sequence: 77 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.22.4
<U>Holding and others segment</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes revenues from contracts with customers in relation to advisory services to related companies as services are rendered
based on the price established in each agreement. Revenues are not adjusted for the effect of financing components, as sales are made
with an average credit term of 30 days, which is consistent with market practice.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.23</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Other
                                            Income</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.23.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Government
                                            grants</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Grants
from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the
Group will comply with all attached conditions. The group did not benefit directly from any other forms of government assistance.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes revenues from natural gas production promotion or stimulus programs upon the actual delivery of gas and in accordance
with the price established in the applicable regulation, only inasmuch as it is highly probable that there will be no significant reversal
and the consideration is likely to be received, that is, to the extent that the procedure defined by the Government is formally complied
with.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
recognition of revenues associated with Natural Gas Production Promotion or Stimulus Plans (see Note 2.2.4.1) falls within the scope
of IAS 20 as it involves a compensation as a result of the maintenance or increase in the committed production volume.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenues
from natural gas production or stimulus programs are disclosed under other operating income in the consolidated statement of comprehensive
income. Furthermore, the fiscal costs of the above-mentioned programs are disclosed under Other operating expenses in the consolidated
statement of comprehensive income.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.23.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Interest</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest
income from financial assets at fair value through profit or loss is included into the result of changes in the fair value of those assets.
Interest income from financial assets at amortized cost and financial assets at fair value through other comprehensive income are recognised
in the statement of income.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest
income is calculated by using the effective interest rate to the gross carrying amount of a financial asset (without considering impairment
provision), except for impaired financial assets, that is calculated by applying the effective interest rate to the carrying amount net
of impairment provision.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Commercial
interest corresponding to late payment surcharges in the cancellation of sales receivables is disclosed under Other operating income
as it provides relevant information on the business&#8217; operations and operating flows.</FONT></P>


<!-- Field: Page; Sequence: 78 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.23.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Dividends</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividends
income are received from financial assets measured at fair value through profit or loss or through other comprehensive income. Dividends
are recognised as revenue when the right to receive payment has been established. This applies even if they are paid out of pre-acquisition
profits.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.24</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Income
                                            tax</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
tax expenses for the year include current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates
to items recognised in other comprehensive income or directly in equity, in which case, the tax is also recognised in other comprehensive
income or directly in equity, respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet. Management
periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation.
It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
income tax is recognised, using the liability method on temporary differences between the tax bases of assets and liabilities and their
carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognised if they come from the
initial recognition of goodwill; or if it arises from initial recognition of an asset or liability in a transaction other than a business
combination that at time of the transaction affects neither accounting nor taxable profit or loss.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
income tax assets are recognised only to the extent that it is probable that future taxable profit will be available and can be used
against temporary differences.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
income tax is provided on temporary differences from investments in subsidiaries, joint ventures and associates, except for deferred
income tax liability where the timing of the reversal of the temporary difference is controlled by the group and it is probable that
the temporary difference will not reverse in the foreseeable future.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
assets or liabilities are recognised on account of gains or losses from fiscal tax inflation which, pursuant to Law No. 27,541 and Law
No 27,701, are deferred and accounted for in subsequent fiscal periods (see Note 2.6.1).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
income tax assets and liabilities are offset when there is a legally enforceable right to offset the recognised amounts and when the
deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity
or different taxable entities where there is an intention to settle the balances on a net basis.</FONT></P>


<!-- Field: Page; Sequence: 79 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Current
and deferred tax assets and liabilities have not been discounted and are stated at their nominal value.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Income
tax rates prevailing at year-end in Argentina (see Note 2.6.1), Ecuador, Bolivia and Uruguay are 35%, 25%, 25% and 25%, respectively.
Additionally, a 3% surcharge is added to Ecuador&#8217;s income tax when the company&#8217;s shareholder residing in Ecuador is an entity
established in a jurisdiction considered a tax haven under Ecuadorian laws.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
Bolivia, payment of Bolivian-source income to beneficiaries outside Bolivia is levied with a 12.5% withholding income tax. Furthermore,
and pursuant to the last tax reform passed in Ecuador and effective as from January 1, 2020, dividends distributed to foreign shareholders
will be subject to a 10% withholding.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
Uruguay, effective from January 1, 2023, the Income Tax on Economic Activities (&#8220;IRAE&#8221;) covers certain Uruguayan-source passive
income derived by entities making up multinational groups.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
tax assets and liabilities are measured using the tax rates expected to apply in the period when the asset is realized or the liability
is settled.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
receivables have been disclosed on account of the application of the minimum presumed income tax prior to its abrogation as from January
1, 2019, which are computable as an advance payment of income tax in any of the following ten years.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s management evaluates the recoverability of the recorded receivables at the closing of each fiscal year, and allowances
are created as long as it is estimated that the computable amounts will not be recoverable within the statutory limitation period taking
into consideration the Company&#8217;s current business plans.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.25</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Leases</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
leases where the Company is a lessee (Note 20.1), a right-of-use asset and a lease liability are recognised on the date on which the
underlying asset is available for use by the Company.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
the commencement date the lease liability is measured at the present value of the payments that are not paid at that date, including:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">fixed
                                            payments, less any lease incentive receivable</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">variable
                                            lease payments depending on an index or rate</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">amounts
                                            that the Company expects to pay under residual value guarantee</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">exercise
                                            price of a purchase option (if the Company is reasonably certain to exercise that option),
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">penalty
                                            payments for terminating the lease, if the lease term reflects the Company exercising that
                                            option.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 80 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
4</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Lease
payments are discounted using the Company&#8217;s incremental borrowing rate, which is the rate the Company would have to pay to borrow
over a similar term, security and conditions, the funds necessary to acquire an asset of a similar value to the right-of-use asset in
a similar economic environment, or by using the interest rate implicit in the lease, if that rate can be readily determined.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
lease liability is disclosed in &#8220;Trade and other payables&#8221;. Each lease payment is apportioned between the principal and the
financial cost. The financial cost is charged to income over the term of the lease to produce a constant periodic interest rate on the
remaining liability balance for each period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Right-of-use
assets are measured at cost, which comprises:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            amount of the initial measurement of the lease liability</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            lease payment made at or before the commencement date, less any lease incentive received</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            initial direct cost, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">an
                                            estimate of costs to be incurred for decommissioning or restoring the underlying asset pursuant
                                            to the terms and conditions of the lease</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Right-of-use
assets are depreciated using the straight-line method over the asset&#8217;s useful life or, if shorter, during the lease term.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company recognizes lease payments associated with short-term leases (up to 12 months) and leases for which the underlying asset is of
low value (IT equipment and office supplies) as an expense using the straight-line method over the lease term.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Leases
in which the Company, as a lessor, has transferred all risks and rewards incidental to ownership of the underlying asset are classified
as financial leases (Note 20.2.1). Financial leases are recognised at the commencement date at the fair value of the leased property
or, if lower, the present value of the minimum lease payments to be received. The corresponding lease rights, net of financial charges,
are included in &#8220;Trade and other receivables&#8221;. Each lease payment received is allocated between income receivable and financial
income. Financial income is recognised as a profit over the term of the lease to produce a constant periodic interest rate on the remaining
liability balance for each period. Property under financial leases is derecognised if there is reasonable certainty that the Company
will transfer its ownership at the end of the lease term.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Leases
in which the Company does not transfer a significant part of the risks and rewards incidental to ownership of the underlying asset are
classified as operating leases. Revenues from associated leases are recognized in income using the straight-line method over the term
of the lease (Note 20.2.2). The corresponding leased assets are included in the Consolidated Statement of Financial Position depending
on their nature.</FONT></P>


<!-- Field: Page; Sequence: 81 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
5</U>: GROUP STRUCTURE</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.1</B></FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Acquisition
                                            and sale of equity interests</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">5.1.1</FONT></TD><TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Sale
                                            of equity interests of controlling stake in Edenor</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 28, 2020, the Company entered into with Empresa de Energ&iacute;a del Cono Sur S.A. and Integra Capital S.A., Daniel Eduardo
Vila, Mauricio Filiberti and Jos&eacute; Luis Manzano (the &#8220;Purchaser&#8221;) a share purchase agreement whereby it agreed to sell
its controlling interest in Edenor through the transfer of all Class A shares representing 51% of the capital stock and voting rights
of said company (the &#8220;Transaction&#8221;). On February 17, 2021, Pampa&#8217;s shareholders meeting was held and the Transaction
was approved.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 24, 2021, the ENRE approved the Transaction through Resolution No. 207/21, whereas, after meeting the precedent conditions, the
transaction closing took place on June 30, 2021, with the transfer of shares and the change of controlling shareholder.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
agreed sales price consisted of: 21,876,856 Class B shares of Edenor, representing 2.41% of Edenor&#8217;s capital stock and voting rights,
transferred upon the execution of the share purchase agreement; and US$ 95 million in cash, which was paid in 3 installments: (i) US$
5 million upon the execution of the share purchase agreement; (ii) US$ 50 million on the closing date; and US$ 40 million, plus interest
at a 10% fixed nominal annual rate (payable quarterly), between June and July 2022.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Within
the previously described framework and pursuant to IFRS 5, and considering that the transaction involved loss of control over the subsidiary,
all Edenor&#8217;s assets and liabilities had been classified as held for sale as of December 31, 2020 and had been measured at the lower
between its fair value, net of costs associated with the sale, if applicable, and its book value, which involved the recognition of an
impairment loss for US$ 589 million, included together with the results corresponding the Distribution of energy segment under &#8220;Discontinued
operations&#8221; of the Consolidated Statement of Comprehensive Income for the years ended December 31, 2021 and 2020.</FONT></P>


<!-- Field: Page; Sequence: 82 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
5</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The statement
of comprehensive income associated with the discontinued operations is disclosed below:</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Distribution of energy</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white; width: 64%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Revenue</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">47,148</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">91,316</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(38,054)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(77,877)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Gross profit</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">9,094</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">13,439</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,482)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,660)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,532)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(5,353)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,053</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,409</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,672)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,252)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Reversal of property, plant and equipment impairment</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,572</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(49,115)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,057)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(4,183)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Operating income&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,976</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(51,715)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Gain on monetary position, net</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,474</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,767</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">22</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">55</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(10,194)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(9,276)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Other financial results</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">784</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">(1,715)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Financial results, net</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,086</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,169)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Profit before income tax</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">6,062</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">(52,884)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(13,191)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3,551</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Loss of the year from discontinued operations</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(7,129)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(49,333)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Other comprehensive income</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left; background-color: white">Items that will not be reclassified to profit or loss</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Results related to defined benefit plans</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">108</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Income tax</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(33)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Exchange differences on translation</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,484</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22,409</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left; background-color: white">Items that may be reclassified to profit or loss</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Exchange differences on translation <FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,891</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,618)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Other comprehensive income of the year from discontinued operations</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">11,375</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">20,866</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total comprehensive income (loss) of the year from discontinued operations</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,246</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(28,467)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Loss of the year from discontinued operations attributable to:</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Owners of the company</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,726)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(41,399)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Non-controlling interest</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,403)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(7,934)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(7,129)</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(49,333)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total comprehensive income (loss) of the year from discontinued operations attributable to:</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Owners of the company</TD>
    <TD STYLE="color: white; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">530</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(30,181)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Non-controlling interest</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,716</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,714</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,246</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(28,467)</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">As
                                            of December 31, 2021, corresponds to the reclassification adjustment for exchange differences
                                            losses included in profit or loss on Edenor disposal. No exchange differences losses on translation
                                            were reconized during 2021. </FONT></TD></TR></TABLE>

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

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

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


<!-- Field: Page; Sequence: 83 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
consolidated statement of cash flows related to discontinued operations as of December 21, 2021 and 2020 is presented below:</FONT></P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Distribution of energy</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Net cash generated by operating activities</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,051</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,716</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Net cash used in investing activities</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15,857)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7,219)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Net cash used in financing activities</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(701)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6,152)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">(Decrease) Increase in cash and cash equivalents from discontinued operations</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">(5,507)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">4,345</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Cash and cash equivalents at the beginning of the year</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,362</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">558</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Effect of devaluation and inflation on cash and cash equivalents</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,145</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(541)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">(Decrease) Increase in cash and cash equivalents</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5,507)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,345</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Cash and cash equivalents at the end of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,362</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">5.1.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Sale
                                            of equity interests in Refinor</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
September 15, 2022, the Company entered into an agreement with Hidrocarburos del Norte S.A. for the sale of its Class A shares representing
28.5% of Refinor&#8217;s capital stock for a price of US$ 5.7 million, subject to the fulfillment of certain precedent conditions.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of September 30, 2022, in accordance with IFRS 5 and since the transaction price was below the carrying amount, the Company recognised
impairment losses, before taxes, for $ 1,242 million (US$ 11 million), which are disclosed under &#8220;Share of profit from associates and joint ventures&#8221;.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
October 14, 2022, with the precedent conditions being met, the Company transferred such shares. As of the date of issuance of these Consolidated
Financial Statements, the Company has collected US$ 1.7 million, and the amount of US$ 4 million is pending collection, to be financed
over one year from the date of sale at an 8% nominal annual fixed interest rate in accordance with the share acquisition agreement.</FONT></P>


<!-- Field: Page; Sequence: 84 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">5.1.3</FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Acquisition
                                            of an additional 50% interest in Greenwind</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 12, 2022, Vientos Solutions L.L.C., Rio River Capital L.L.C and the Group entered into a share acquisition agreement whereby it
acquired, for the amount of US$ 20.5 million, the whole equity interest in VS SLU, a Spanish company which main asset is its 50% interest
in Greenwind&#8217;s capital stock.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
the acquisition date, the Company recorded profits of $ 3,120.7 million (or US$ 23.3 million) to reflect the fair value of the 50% stake
in Greenwind prior to the aforementioned acquisition, as this transaction is a business combination achieved in stages.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table details the fair value of the consideration transferred and the fair values of the assets acquired and the liabilities
assumed as of August 12, 2022:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify; width: 59%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">In million of US$</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">In million of $</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Consideration transferred&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(20.5)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,752.5)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Fair value of the previous interest in Greenwind</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">(20.4)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">(2,752.5)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: justify">Total</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">(40.9)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">(5,505.0)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Property, plant and equipment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right">127.7</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,170.4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Intangible assets - Customer contract <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right">31.6</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,242.1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Financial assets at fair value</TD>
    <TD STYLE="vertical-align: middle; text-align: right">24.4</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,244.6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Trade receivables <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right">6.3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">843.4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Other assets&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">0.1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11.2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3.1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">414.7</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Borrowings&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(89.3)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11,983.9)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Deferred tax liabilities</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(54.3)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7,294.7)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Income tax liabilities</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4.4)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(589.5)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Trade and other payables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2.0)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(261.8)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Provisions&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1.4)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(177.3)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Tax liabilities</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(0.9)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(114.2)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: justify">Total acquisition price allocation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 700"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">40.9</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,505.0</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Mario
                                            Cebreiro Wind Farm&#8217;s fair value was assessed using the &#8220;cost-based approach,&#8221;
                                            which consists of the farm&#8217;s replacement cost new, adjusted by its loss of value resulting
                                            from physical deterioration and functional and economic obsolescence.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">The
                                            fair value of this intangible asset regarding the identified business transactions has been
                                            determined through the application of the &#8220;income-based approach&#8221; and the &#8220;multi-period
                                            excess earnings&#8221; method. Key assumptions used considered: i) projected generation level;
                                            and ii) discount rate. The useful life was assessed based on the remaining years of the contract.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">For
                                            acquired trade receivables, contractual value does not differ from fair value.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">No
                                            differences in the acquired assets&#8217; accounting valuation were identified, except for
                                            the values detailed under Property, plant and equipment and Intangible assets.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 85 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses
related to the acquisition transaction were non-significant, therefore they were recognised as expenses in fiscal year result.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
acquisition contributed to the Group revenues from sales for $ 1,788.6 million (or US$ 11.3 million) and net earnings for $ 533.2 million
(or US$ 3.5 million) for the August 12 - December 31, 2022 period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the acquisition had taken place on January 1, 2022, the consolidated revenues from sales and the results for the period as of December
31, 2022 would have been $ 243,972 million (US$ 1,844 million) and $ 65,118 million (US$ 459 million), respectively. The pro forma information
was calculated based on the Company and Greenwind&#8217;s results.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company paid $ 2,752.5 million (US$ 20.5 million) for the acquisition of the additional equity interest which, net of the cash and cash
equivalents balance of $ 414.7 million (US$ 3.1 million), results in a net cash flow of $ 2,337.8 million (US$ 17.4 million), which is
disclosed in the consolidated statement of cash flows in the item &#8220;Payment for the acquisition of subsidiaries and associates&#8221;
under investment activities.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">5.1.4</FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Acquisition
                                            of Autotrol Renovables S.A.</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
September 30, 2022, the Company acquired 100% of the capital stock of Autotrol Renovables S.A., an entity holder of the &#8220;Wayra
I Wind Farm&#8221; project (registered with the National Renewable Energy Projects Registry, &#8220;RENPER&#8221;) for a price of $ 7.3
million (US$ 50 thousand).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">5.1.5</FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Acquisition
                                            of VAR</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 12, 2022, Parque E&oacute;lico Arauco S.A.P.E.M. (&#8220;PEA&#8221;) and the Company executed an agreement to acquire 100% of
VAR&#8217;s capital stock. This company is exclusively engaged in electric power generation in the domestic market through the operation
of Arauco II Wind Farm, with a 99.75 MW capacity, at a price of US$ 171 million, including the takeover of a US$ 46 million interest
liability recorded in VAR and payable by PEA in 12 consecutive monthly installments as from transaction closing.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
the meeting of the precedent conditions, on December 16, 2022, PEA transferred VAR&#8217;s shares, and the Company paid US$ 128.1 million,
an amount that considers the working capital adjustment estimated on that date. The amount paid is currently under review by the Company
and PEA in accordance with the processes established in the share purchase agreement to assess the amount of VAR&#8217;s working capital
adjustment as of closing. </FONT></P>


<!-- Field: Page; Sequence: 86 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The following table details the fair value of the consideration transferred, and the fair values of the assets
acquired and liabilities assumed as of, December 16, 2022:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify; width: 59%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">In million of US$</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">In million of $</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Consideration transferred&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(128.1)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(22,840.2)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Estimated price adjustment&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">6.7</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">1,182.5</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: justify">Total</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">(121.4)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">(21,657.7)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Property, plant and equipment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right">167.7</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">29,927.7</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Intangible assets - Customer contract <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right">62.3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,115.9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Trade receivables <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right">4.9</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">869.6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Other receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1.2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">200.5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">0.5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Deferred tax liability</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(60.2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(10,743.4)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Income tax liability</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5.0)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(887.1)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Trade and other payables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3.3)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(588.9)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Other payables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(46.0)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(8,202.6)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Tax liabilities</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(0.2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(34.5)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: justify">Total acquisition price allocation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 700"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">121.4</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">21,657.7</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal">Arauco
                                            Wind Farm&#8217;s fair value was assessed using the &#8220;cost-based approach,&#8221; which
                                            consists of the farm&#8217;s replacement cost new, adjusted by its loss of value resulting
                                            from physical deterioration and functional and economic obsolescence. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal">The
                                            fair value of this intangible asset regarding the identified business transactions has been
                                            determined through the application of the &#8220;income-based approach&#8221; and the &#8220;multi-period
                                            excess earnings&#8221; method. Key assumptions used considered: i) projected generation level;
                                            and ii) discount rate. The useful life was assessed based on the remaining years of the contract.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal">For
                                            acquired trade receivables, contractual value does not differ from fair value.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-weight: normal">No
                                            differences in the acquired assets&#8217; accounting valuation were identified, except for
                                            the values detailed under Property, plant and equipment and Intangible assets.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses
related to the acquisition transaction were non-significant, therefore they were recognised as expenses in fiscal year result.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the acquisition had taken place on January 1, 2022, the consolidated revenues from sales and the results for the period as of December
31, 2022 would have been $ 245,955 million (US$ 1,858 million) and $ 63,617 million (US$ 448 million), respectively. The pro forma information
was calculated based on the Company and VAR&#8217;s results.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company paid $ 16,831.2 million (US$ 93.2 million) for the acquisition of the equity interest, which is disclosed in the consolidated
statement of cash flows in the item &#8220;Payment for the acquisition of subsidiaries and associates&#8221; under investment activities.
In addition, the Company made a partial payment by delivering public securities for $ 6,009 million (US$ 34.9 million) which is disclosed
in the consolidated statement of cash flows in the item &#8220;significant non-cash transactions&#8221; (see Note 14.3).</FONT></P>

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


<!-- Field: Page; Sequence: 87 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.2</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Interest
                                            in subsidiaries, associates and joint ventures</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 35.4pt; text-align: justify; text-indent: -35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.1
<U>Subsidiaries information</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
otherwise indicated, the capital stock of the subsidiaries consists of common shares, each granting the right to one vote. The country
of the registered office is also the principal place where the subsidiary develops its activities.</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 12pt 0 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 38%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 11%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 21%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 13%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 13%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Company</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Country</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Main activity</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">Direct and indirect participation %</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">Direct and indirect participation %</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Autotrol Renovable S.A. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">GASA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Enecor S.A.</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Electricity transportation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">70.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">70.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Fideicomiso CIESA&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Greenwind <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">50.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">HIDISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">61.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">61.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">HINISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">52.04%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">52.04%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">CISA</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">Trader &amp; investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PEB</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Bolivia</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PB18</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Ecuador</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Energ&iacute;a Operaciones ENOPSA S.A.&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Ecuador</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Pampa Ecuador Inc&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">Ecuador</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PE Energ&iacute;a Ecuador LTD</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Gran Cayman</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">EISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Uruguay</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Uruguay</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">TGU</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Uruguay</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Gas transportation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">51.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">51.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Corod <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Venezuela</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Petrolera San Carlos S.A.</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Venezuela</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Vientos de Arauco Renovables S.A.U. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Vientos Solutions Argentina S.A.U.</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Advisory services</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">VS SLU <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Espa&ntilde;a</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 12pt 0 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See
                                            Note 5.1.4.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See
                                            Note 5.1.3.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest
                                            assigned under the assignment of the indirect interest in the capital stock of mixed companies
                                            in Venezuela. See Note 5.3.2. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See
                                            Note 5.1.5.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 88 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Information
                                            about investments in associates and joint ventures</U></FONT></TD></TR></TABLE>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center">Information about the issuer</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 11%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 23%">Main activity</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 12%">Date</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 12%">Share capital</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 12%">Profit (Loss) of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 12%">Equity</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 12%">Direct and indirect participation %</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Associates</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>OCP</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">Investment</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">12.31.2022</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">17,796</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">(51)</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">17,070</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">30.06%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">TGS <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">Gas transportation</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">12.31.2022</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">753</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">32,318</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">267,224</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">3.764%</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: left">Joint ventures</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>CIESA <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12.31.2022</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">639</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">16,425</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">136,372</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">50.00%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Citelec <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12.31.2022</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">556</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">897</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">41,601</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">50.00%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">CTB</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">Generation</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">12.31.2022</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">8,558</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">9,343</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">95,004</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">50.00%</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The
                                            Company holds a direct and indirect interest of 3.764% in TGS and 50% in CIESA, a company
                                            that holds a 51% interest in the share capital of TGS. Therefore, additionally the Company
                                            has an indirect participation of 25.50% in TGS. </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 32.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 32.2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the quotation of TGS's ordinary shares and ADR published on the Buenos Aires Stock Exchange and the NYSE was $
811.05 and US$ 11.80, respectively, granting to Pampa (direct and indirect) ownership an approximate stake market value of $ 188,568
million.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The
                                            Company holds a 50% interest in Citelec, a company that holds a 52.65% interest in Transener&#8217;s
                                            capital stock; therefore, the Company has a 26.33% indirect interest in Transener. As of
                                            December 31, 2022, Transener&#8217;s common share price listed at the Buenos Aires Stock
                                            Exchange was $ 184,50, conferring Pampa&#8217;s indirect interest an approximate $ 21,598
                                            million market value.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 32.2pt; text-align: justify; text-indent: -9.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 89 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
5</U>: </B>(Continuation)</FONT></P>

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 19%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 21%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Disclosed in non-current assets</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Associates</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Refinor <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,306</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">OCP</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,679</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,479</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">TGS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11,805</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,373</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Other</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total associates</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">14,487</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">10,159</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Joint ventures</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">CIESA</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">77,043</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">35,520</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Citelec</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">20,801</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,491</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">CTB</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">47,502</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">23,330</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">145,346</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">69,341</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total associates and joint ventures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">159,833</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">79,500</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Disclosed in non-current liabilities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Joint ventures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Greenwind</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(386)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total joint ventures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(386)</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See Note 5.1.2.</FONT></P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The following
tables show the breakdown of the share of profit from associates and joint ventures:</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 17%">12.31.2021</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Associates</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Refinor</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,328)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">(162)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">(171)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">OCP</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(13)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">1,680</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">(296)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">TGS</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,217</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">706</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">62</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total associates</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(124)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,224</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(405)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CIESA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7,852</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">5,141</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">942</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Citelec&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">448</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(346)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">1,055</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CTB</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,671</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">4,708</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">4,764</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Greenwind <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,242</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">(160)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">195</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total joint ventures</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">16,213</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">9,343</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">6,956</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total associates and joint ventures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">16,089</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">11,567</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">6,551</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See Note 5.1.3.</FONT></P>


<!-- Field: Page; Sequence: 90 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 17%">12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 14%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">At the beginning of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">79,114</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">46,068</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">30,373</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Dividends reversal</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,645</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Dividends</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(854)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1,949)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2,219)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Increases</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">62</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,597</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">190</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Decrease due to sale of equity interests&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(862)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Decrease due to acquisition of control <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2,756)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Reclassified to assets classified as held for sale</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(11)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Compensation</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(298)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Share of profit&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">17,331</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">11,567</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">6,551</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Impairment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1,242)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Exchange differences on translation</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">69,040</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">20,186</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">11,482</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">At the end of the year</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">159,833</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">79,114</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">46,068</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -9.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT> See
Note 5.1.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT>
See Note 5.1.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -9.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.3
<U>Investment in CTB</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 26,2019. the acquisition by CTB, a company co-controlled by YPF and Pampa, of CTEB's goodwill was perfected, which is located at
the petrochemical complex of the town of Ensenada, Province of Buenos Aires, consists of two open-cycle gas turbines, and has a 567 MW
installed capacity.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">CTB
committed to obtain the commissioning of the closing of the combined cycle increasing the installed power capacity to 847 MW.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Both
the open and the closed cycle have effective power purchase agreements with CAMMESA under Resolution SE No. 220/07: the first one, entered
into on March 26, 2009 which expired on April 27, 2022, and the second one dated March 26, 2013 for a term of 10 years as from the commercial
operation of the combined cycle, which stared operations on February 22, 2022. Moreover, energy not committed under contracts with CAMMESA
is remunerated at the spot market.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">CTEB
will be managed and operated by Pampa and YPF on a rotational basis over 4-year periods. Pampa is responsible for managing CTEB&#8217;s
operations until mid-2023. And YPF, through its subsidiary YPF Energ&iacute;a El&eacute;ctrica S.A., will supervise the necessary works
for the closing of the combined cycle.</FONT></P>


<!-- Field: Page; Sequence: 91 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.3.1
Financial Trust Agreement</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
a result of the award of CTEB&#8217;s goodwill, certain amendments were made to the Enarsa-Barrag&aacute;n Financial Trust Agreement
entered into between BICE Fideicomisos S.A. (Naci&oacute;n Fideicomisos S.A.&#8217; continuing company), acting as Trustee, and CTB,
in its capacity as Trustor substituting IEASA (former ENARSA) (the &#8220;Trust Agreement&#8221; or the &#8220;Trust&#8221;).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the Trust, on April 25, 2011 publicly traded Series B VRD for a face value of 582,920,167 were issued. The Trust&#8217;s underlying flow
is made up of the collection rights resulting from the power supply agreements originally entered into between ENARSA (currently IEASA)
and CAMMESA.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 26, 2019 and October 16, 2020, CTB made a partial early redemption of 109,628,836 and 275,053,045 outstanding Series B VRD, which
were canceled on October 29, 2019 and December 4, 2020, respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
on December 17, 2021, CTB performed the total early redemption of 198,238,286 VRD for a total amount of US$ 94 million. As of the issuance
of these Consolidated Financial Statements, the VRD have been canceled and the Trust has been liquidated.</FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.3.2
Syndicated loan</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 25, 2019, in order to partially finance the obligations undertaken as a result of the award and execution of the works for the closing
of the combined cycle at CTEB, Citibank, N.A., Banco de Galicia y Buenos Aires S.A.U., Banco Santander R&iacute;o S.A., HSBC Bank Argentina
S.A. and Industrial and Commercial Bank of China (Argentina) S.A., in their capacity as lenders (the &#8220;Lenders&#8221;), granted
a syndicated loan to CTB in the amount of US$ 170 million maturing on June 26, 2022, with US$ 136 million accruing a fixed 10.25% interest
rate and US$ 34 million accruing a variable LIBOR rate+6.25.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
March 25, 2022 CTB and the lenders executed a amendment to the agreement modifying the loan repayment scheme in its variable interest
rate tranche, with a new maturity on October 1, 2022, and changing the reference rate from LIBOR to SOFR.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During
the fiscal year ended December 31, 2022, CTB has repaid at maturity the amount of US$ 74,4 million of the syndicated loan&acute;s remaining
installments.</FONT></P>


<!-- Field: Page; Sequence: 92 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.3.4
Global Program of CB </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
July 23, 2020, CTB&#8217;s Extraordinary General Shareholders&#8217; Meeting resolved to approve the creation of a global program of
simple corporate bonds non-convertible into shares for up to US$ 200 million or its equivalent in other currencies or units of
value, and the issuance of corporate bonds under such program up to its maximum amount, at any time, to be issued in one or more
classes and/or series, which authorization was granted by the CNV on September 24, 2020.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.3.5
Issuance of CB</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 4, 2021, CTB issued: (i) Class 1 CB for a total amount of US$ 27.3 million, accruing interest at an annual fixed rate of 4% and
maturing on June 4, 2023; and (ii) Class 2 CB for a total amount of 37,504,954 units of purchasing power (&#8220;UVA&#8221;), adjustable
by the Reference Stabilization Coefficient (CER), equivalent to $2,928 million, accruing interest at a fixed 4% rate and maturing on
June 4, 2024.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 18, 2021, CTB reopened (i) Class 1 CB for a total amount of US$&nbsp;15.6 million at an issue price of 101.7050%; and (ii) Class
2 CB for a total amount of 27.9 million UVA at an initial value of $84.76 per UVA at an issue price of 100.82%.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
November 26, 2021, CTB issued Class 4 CB for a total amount of US$&nbsp;96 million, accruing interest at an annual 0% fixed rate and
maturing on November 26, 2024.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 16, 2022, CTB issued: (i) Class 6 CB for a total amount of US$ 25 million at a fixed annual 0% rate maturing on May 16, 2025; and
(ii) Class 7 CB for a total amount of $ 1,754 million accruing interest at a variable BADLAR rate plus an annual 2.98% spread and maturing
on November 16, 2023.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 22, 2022, CTB issued Class 8 CB for a total amount of $ 4,235 million, accruing interest at a variable BADLAR rate plus a 1.00%
annual spread and maturing on February 22, 2024.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
on December 12, 2022, CTB reopened additional Class 6 CB for a total amount of US$ 58.6 million accruing interest at an annual 0% fixed
rate and maturing on May 16, 2025. With the reopening of Class 6 CB, which were subscribed and paid in cash and in-kind through the delivery
of Class 1 CB, Class 1 CB with a fair value of US$ 10.7 million were partially canceled, with a US$ 32.2 million outstanding face value.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
CB are secured by a personal guarantee subject to a precedent and subsequent condition granted by YPF and Pampa.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the date of issuance of these Consolidated Financial Statements, CTB is in compliance with all the covenants under its debt agreements.</FONT></P>

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


<!-- Field: Page; Sequence: 93 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.3.6
Closing to combined cycle project</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">CTB&#8217;s
closing to combined cycle commitment to increase its installed capacity from 567&nbsp;MW to 847&nbsp;MW has been affected from its beginning
by the evolution of the measures associated with the COVID-19 pandemic. The stiffening of social lockdown measures from July 1, 2020
excluded private infrastructure works from the exempted activities. Later on, pursuant to Resolutions No. 1197-MJGM-2020 and No. 1690-MJGM-2020
issued by the Buenos Aires Chief of the Cabinet of Ministers&#8217; Office, as amended, CTB resumed the execution of construction works
following their critical path from July 20, 2020.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Within
this framework, on July 28, 2020, the Company and the Joint Venture made up of SACDE Sociedad Argentina de Construcci&oacute;n y Desarrollo
Estrat&eacute;gico S.A. and Techint Compa&ntilde;&iacute;a T&eacute;cnica Internacional S.A.C.E.I. entered into an addendum to the construction
agreement within the framework of the restrictions imposed as a result of the COVID-19 pandemic, reaching an agreement on the impact
on costs and works&#8217; execution terms, and launching a new stage for the execution of the closing to combined cycle.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
evolution of the Argentine Government&#8217;s measures to contain the spread of COVID-19 in 2020 and 2021 has affected the works execution
progress, delaying the term initially planned for commissioning and generating several instances of review in the schedule and the scope
of the tasks necessary to complete the works, with the resulting increase in associated costs. Moreover, exchange and customs restrictions
have impacted costs and terms for the supply of foreign equipment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Given
the problems in the normal execution of the project affecting the works&#8217; terms and costs, on July 1, 2022, CTB and the Joint Venture
made up by SACDE and Techint Compa&ntilde;&iacute;a T&eacute;cnica Internacional S.A.C.E I. entered into a new addendum to the construction
agreement, which mainly stipulated as follows: (i) a new work schedule to reach the combined cycle&#8217;s commissioning; and (ii) the
recognition in favor of the Joint Venture of the right to an US$8 million compensation on account of the incurred term and cost variations.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
January 27, 2023, CTB has launched the CC and on February 22, 2023, it stared operations under the supply agreement with CAMMESA.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.3.7
Impairment of non-financial assets</I></FONT></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Spot
market prices were modified in May 2021 by SE Resolution No. 440/21, which, although providing for a 29% increase in remuneration, permanently
abrogated the application of the automatic adjustment mechanism. This impacted the future flows collectible by CTB after the termination,
in the year 2022, of the supply agreement with CAMMESA that remunerates the units making up the open cycle. Additionally, in 2020 and
2021 the progress of works for CTB&#8217;s closing to combined cycle was affected by the measures implemented to contain the COVID-19
spread, delaying the scheduled term for commissioning and increasing the costs associated with the completion of the project.</FONT></P>

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


<!-- Field: Page; Sequence: 94 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
view of these indications, CTB determined the estimation of the recoverable amount as of December 31, 2022 and 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
methodology used in the estimation of the recoverable amount consisted of calculating the present value of future net cash flows expected
to be generated by the CGU, discounted with a rate reflecting the weighted average costs of the capital employed.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
projections used by CTB in the calculation of the recoverable amount as of December 31, 2022 take into consideration 2 scenarios that
weigh: i) the entry into effect of the new supply agreement with CAMMESA for the combined cycle in the first quarter of 2023; ii) the
periodic price update in line with inflation for the spot remuneration; iii) the recognition of a long-term differential remuneration
allowing to make the investments necessary to maintain availability and improve the open cycle&#8217;s efficiency; iv) the regularization
of the financing term granted to CAMMESA in 2024; and v) an 11.7% after-tax WACC rate.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, and 2021, CTB has not recorded any impairment losses as a result of the performed recoverability assessment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.4
<U>Investment in OCP</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company, through PEB, has an equity interest in OCPSA, an oil pipeline in Ecuador that has a transportation capacity of 450,000 barrels/day.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 12, 2021, the Company, through its subsidiary PEB, executed an agreement with Occidental International Exploration and Production
Company for the acquisition of all the shares of Occidental del Ecuador Inc. (currently Pampa Ecuador Inc.) for US$ 5 million. Pampa
Ecuador Inc. holds a 14.15 % equity interest in OCP.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
closing of the transaction involved the recognition of profits for US$ 17,2 million, under IAS 28. The following table details the consideration,
the fair value of the acquired assets, and the profit recorded by the Company as of August 12, 2021:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 85%; border-top: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: -17.15pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
    million US$</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: -17.15pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Acquisition
    cost</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: -17.15pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total
    consideration </B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(5.0)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: -17.15pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share
    value of the interest in the fair value of OCP&#8217;s identifiable assets and liabilities <FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: -17.15pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">OCP
    dividends to be received</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: -17.15pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Assets
    fair value </B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>22.2</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: -17.15pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Profit
    <FONT STYLE="font-size: 9pt"><SUP>(2)</SUP></FONT></B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>17.2</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 9.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)&nbsp;</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Calculated
                                            based on the present value of expected dividend flows.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 9.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2)&nbsp;</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Disclosed
                                            under &#8220;Share of profit from associates and joint ventures&#8221;.</FONT></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 95 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 12, 2021, PEB recorded an impairment reversal of US$ 1.6 million, on the interest in OCP, prior to the aforementioned acquisitions,
in relation to the estimation of the present value of the future cash flows that were expected to be obtained through the collection
of dividends considering the concession term and a discount rate of 15.09 %.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
termination of the oil pipeline concession agreement is scheduled for January 12, 2024, considering the term extension resulting from
the suspension of the contractual obligations due to force majeure events. On that date, OCP will transfer and deliver to the Ecuadorian
Government or its designee all OCPSA&#8217;s shares at no cost, as well as the titles and rights over the oil pipeline&#8217;s assets.
As of the issuance of these Consolidated Financial Statements, OCPSA is executing the actions defined in the contract to meet the transfer
plan.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.4.1
Recoverable value of the investment </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
erosion process in the Quijos River course, in the San Rafael sector, on the border of the provinces of Sucumb&iacute;os and Napo, Ecuador,
caused two force majeure events consisting of the rupture of different oil pipeline tranches and the resulting temporary suspension of
the crude oil pumping in 2020 and 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
on January 28, 2022, a new force majeure event occurred due to a stone landslide causing the pipeline&#8217;s rupture at KP96+526. OCPSA
started the repairs of the affected pipeline and cleanup and remediation works. The crude oil transportation service was resumed on February
7, 2022.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">PEB
has performed recoverable amount tests for its investment in OCP as of December 31, 2021, considering the present value of the future
cash flows it expects to obtain through the collection of dividends during the concession term, the term extension due to the suspension
of contractual obligations resulting from the detailed Force Majeure events and a discount rate of 17.12%. PEB has not recorded any impairment
losses as a result of the recoverability assessment performed as of December 31, 2021, and, as of December 31, 2022, has identified no
additional indications that may impact the assumptions taken into consideration in the aforementioned assessment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
is worth highlighting that on February 22, 2023, after the end of the fiscal year, a force majeure event occurred due to the collapse
of the bridge over the Marker River, located in El Choco canton, Napo Province. In order to guarantee the continuity of the pipeline&#8217;s
operations and avoid an environmental incident, OCPSA suspended crude oil pumping and started the complete drainage of the pipeline at
KP96+075. Additionally, OCPSA notified the occurrence of the previously mentioned event to the Ministry of Energy and Mines. The crude
oil transportation service was resumed on March 2, 2023.</FONT></P>

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

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

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

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

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

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


<!-- Field: Page; Sequence: 96 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.4.2
Contingent liabilities in OCP</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Several
organizations and natural persons filed a constitutional protection proceeding against OCPSA, as well as the Ministry of Energy, the
Ministry of the Environment and Water, Petroecuador and the Ministry of Health, alleging the infringement of several constitutional rights
regarding the force majeure event consisting of the land subsidence and sliding at the Quijos River course, which resulted in the rupture
of the pipeline at KP 93+469 in 2020. The safeguard action has been disallowed in the first and second instances by Orellana&#8217;s
Provincial Court of Justice. As of the date of issuance of these Consolidated Financial Statements, the plaintiffs have filed a constitutional
protection proceeding, which has been admitted to be heard by the Constitutional Court.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">OCPSA's
Management together with its legal advisors have classified an unfavorable ruling as remote, therefore, no provision has been recognized
on this matter.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Investment
                                            in CITELEC</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.5.1
Impairment in the value of non-financial assets in Transener </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
projections used by Transener in the calculation of the recoverable amount of long-lived non-financial assets considered 3 weighted alternatives
associated with: (i) the status of negotiations with the ENRE; (ii) the Right-of-Use and Associated Maintenance contract; (iii) Transener&#8217;s
management expectations on the transitional tariff increase to be granted until the conclusion of the new RTI; (iv) Transener&#8217;s
expectations on the timeliness and outcome of the new RTI process; and (v) the impact of a cost monitoring scheme allowing for bi-annual
updates to current tariffs.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022 and 2021, the book value of Transener&#8217;s long-lived non-financial assets does not exceed their recoverable
amount.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.2.5.2
Distribution of earnings</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Regarding
the loan agreement executed in July 2021 between Transener and BNA in the amount of $ 1,000 million, for the tree-year term, Transener&#8217;s
Board of Directors has committed, while the loan remains outstanding, to refrain from making any proposal to the Shareholders&#8217;
Meeting regarding the release of reserves for their distribution as dividends to shareholders or, in case there are negative results
affecting reserves, from proposing the distribution of earnings until reserves have been replenished.</FONT></P>

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

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

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


<!-- Field: Page; Sequence: 97 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Investment
                                            in CIESA</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Impairment
of non-financial assets in </I>TGS</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Argentina&#8217;s
main macroeconomic and business variables have deteriorated since August 2019. This situation worsened in 2020 due to the negative consequences
of the COVID pandemic on the Argentine economic situation, which forced the Argentine Government to take a series of measures, even affecting
the regulatory framework of the natural gas transportation segment. As a result, TGS has re-estimated the cash flows used in determining
the recoverable value (value in use) of the CGU in the Natural Gas Transportation segment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
projections used in the calculation of the recoverable amount considered 3 weighted alternatives associated with: (i) the status of negotiations
with the Argentine Government; (ii) the contractual rights resulting from the license; (iii) expectations on the transitional tariff
increase to be granted until the conclusion of the new RTI; (iv) expectations on the result of the new RTI process; and (v) the impact
of a cost monitoring scheme allowing for bi-annual updates to current tariffs.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022 and 2021, TGS has determined that it is not necessary to record an additional impairment charge, nor to reverse
the recorded one.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.3</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operations
                                            in oil and gas consortiums</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.3.1
<U>General considerations</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company is jointly and severally liable with the other participants for meeting the contractual obligations under these arrangements.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
production areas in Argentina are operated pursuant to concession production agreements with free hydrocarbons availability.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the computable crude oil and natural gas in Argentina production, according to Law No.17,319, are paid royalties equivalent to 12% of
the wellhead price of crude oil and natural gas. The wellhead price is calculated by deducting freight and other sales related expenses
from the sale prices obtained from transactions with third parties. This rate may increase from 3% to 4% depending on the producing jurisdiction
and market value of the product.</FONT></P>


<!-- Field: Page; Sequence: 98 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.3.2
<U>Oil and gas participation details </U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the Company and its associates are part of the joint operations and consortia for the exploration and production
of oil and gas as indicated below:&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Participation</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 0.5pt solid; font-weight: bold; text-align: center">&nbsp;Duration up to&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Name</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Location</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Direct</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Indirect</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Operator</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; width: 27%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 19%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 13%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; font-weight: bold; text-decoration: underline; background-color: white">Argentine production</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">R&iacute;o Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">R&iacute;o Negro and Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">31.42% and 33.07%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">YPF</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;2027/2051&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Sierra Chata&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">45.55%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2053</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">El Mangrullo</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">100.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2053</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">La Tapera - Puesto Quiroga&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Chubut</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">35.67%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Tecpetrol</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2027</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">El Tordillo&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Chubut</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">35.67%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Tecpetrol</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2027</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Aguarag&uuml;e <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Salta</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">15.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Tecpetrol</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;2023/2027&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Gobernador Ayala</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Mendoza</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">22.51%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Pluspetrol</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2036</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Anticlinal Campamento <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">15.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Oilstone</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2026</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Estaci&oacute;n Fern&aacute;ndez Oro <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(3)</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">R&iacute;o Negro</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">15.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">YPF</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2026</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">R&iacute;o Limay este (Ex Senillosa) <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">85.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2040</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Veta Escondida y Rinc&oacute;n de Aranda&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">55.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2027</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Rinc&oacute;n del Mangrullo</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">50.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">YPF</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2052</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Los Blancos (ex Chirete)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Salta</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">50.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">High Luck Group Limited</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2045</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; font-weight: bold; text-decoration: underline; background-color: white">Argentine exploration</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Parva Negra Este <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">42.50%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2019</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">R&iacute;o Atuel <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(6)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Mendoza</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">33.33%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Petrolera El Trebol</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Borde del Limay <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(7)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">85.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2015</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Los V&eacute;rtices <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(7)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">85.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2015</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Las Tacanas Norte <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(8)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">90.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">PAMPA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2023</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">On
                                            February 3, 2023, an agreement for a 10-year extension of the concession was signed with
                                            the enforcement authority. The Provincial Executive Order ratifying this agreement is pending
                                            publication.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Direct
                                            participation in 9 wells. On January 19, 2023, the Company accepted Oilstone Energ&iacute;a
                                            S.A.&#8217;s offer to terminate its rights and obligations under the investment agreement,
                                            the Joint Venture and the operating agreement of the block, effective from January 1, 2023.
                                            </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Direct
                                            participation in 13 wells. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">On
                                            January 2, 2023, the environmental remediation plan was approved by the Province of Neuqu&eacute;n&#8217;s
                                            Subsecretariat of Environment, a necessary preliminary step to relinquish the block. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(5)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">A
                                            contractual continuity plan was submitted (see details below). </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(6)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Pursuant
                                            to Resolution No. 1,787/22 of the Province of Mendoza&#8217;s Ministry of Economy and Energy,
                                            the granting of a lot under evaluation, requested by Phoenix Global Resources &#8212;Petrolera
                                            El Tr&eacute;bol&#8217;s controlling company&#8212; and the Company on April 6, 2022, was
                                            approved until August 31, 2023. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(7)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Under
                                            process of relinquishment to the province.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(8)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">On
                                            January 4, 2023, the exploration period terminated, and the Company&#8217;s rights and obligations
                                            over the area expired. </FONT></TD></TR></TABLE>

<P STYLE="font: 8.5pt Trebuchet MS, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 99 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
5</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Continuity
plan in the Parva Negra Este block</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 14, 2022, the Company, ExxonMobil Exploration Argentina S.R.L. and GyP submitted to Enforcement Authority a proposal for a contractual
continuity plan which included: (i) the granting of a Lot under Evaluation for the April-2022 through April-2025 period, (ii) a 50% reduction
of the block&#8217;s surface, to a total surface of 143 km2, and (iii) the assignment of ExxonMobil Exploration Argentina S.R.L.&#8217;s
42.50% interest to the Company.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the issuance of these Consolidated Financial Statements, the Enforcement Authority&#8217;s decision is pending.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Assignment
of mixed companies in Venezuela</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 6, 2022, the Company transferred to Integra Petr&oacute;leo y Gas S.A. (the &#8220;Assignee&#8221;) all the rights and obligations
of the Company for its direct and indirect interest in the capital of the following mixed companies in the Bolivarian Republic of Venezuela:
Petroritupano S.A., Petroven-Bras S.A., Petroway&uacute; S.A. and Petrokari&ntilde;a S.A. (the &#8220;Mixed Companies&#8221;) that exploit
four hydrocarbon production areas in that country: Oritupano Leona, La Concepci&oacute;n, Acema and Mata (the &#8220;Areas&#8221;). As
consideration for the assignment, the Assignee will pay to the Company 50% of any payment it obtains, whether monetary or in kind (including,
without limitation, an indemnity, compensation, reparation or similar) related to the direct or indirect interest in the Mixed Companies
and the Areas. This transaction is subject to the change of control approval by the Minister of Popular Power of Petroleum of the Bolivarian
Republic of Venezuela.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the date of issuance of these Consolidated Financial Statements, the Company considers contingent the collection right associated
with the assignment, in terms of IAS 37, taking into consideration that it is subject to the change of control approval and subsequent
collection of payments by the Assignee.</FONT></P>

<P STYLE="font: 8.5pt Trebuchet MS, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 8.5pt Trebuchet MS, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 100 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 8pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.4</B></FONT></TD><TD STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exploratory
                                            well costs</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table provides the year end balances and activity for exploratory well costs, during the years ended December 31, 2022, 2021
and 2020:</FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; width: 51%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: white; font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">At the beginning of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4,278</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,167</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,961</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">256</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">809</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,948</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Transferred to development</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,264)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1,562)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(567)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Loss of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(32)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Traslation differences</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3,161</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">896</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">825</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">At the end of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">6,431</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,278</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,167</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Number of wells at the end of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">7</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">10</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">12</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
6</U>: RISKS</FONT></P>



<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.1
Critical accounting estimates and judgments</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
preparation of financial statements requires the Company&#8217;s Management to make future estimates and assessments, to apply critical
judgment and to establish assumptions affecting the application of accounting policies and the amounts of disclosed assets and liabilities,
income and expenses.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
applied estimates and accounting judgments are evaluated on a continuous basis and are based on past experiences and other reasonable
factors under the existing circumstances. Actual future results might differ from the estimates and evaluations made at the date of preparation
of these Consolidated Financial Statements. The estimates which have a significant risk of producing adjustments on the amounts of the
assets and liabilities during the following year are detailed below:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.1
<U>Impairment of non-financial long-lived assets</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-financial
long-lived assets, including identifiable intangible assets and right-of-use assets, are reviewed for impairment at the lowest level
for which there are separately identifiable cash flows (CGU). For this purpose, each assets group with independent cash flows, each subsidiary,
associate and each jointly controlled company has been considered a single CGU, as all of their assets jointly contribute to the generation
of cash inflows, which are derived from a single service or product; thus cash inflows cannot be attributed to individual assets.</FONT></P>


<!-- Field: Page; Sequence: 101 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
6</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
order to evaluate if there is evidence that a CGU could be affected, both external and internal sources of information are analyzed.
Specific facts and circumstances are considered, which generally include the discount rate used in the estimates of the future cash flows
of each CGU and the business condition as regards economic and market factors, such as the cost of inventories, oil and gas prices, international
petrochemical product&#8217;s price, the regulatory framework for the energy industry, the projected capital investments and the evolution
of the energy demand.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
value in use of each CGU is estimated on the basis of the present value of future net cash flows expected to be derived on the UGE. Management
uses approved budgets up to one year as the base for cash flow projections that are later extrapolated into a term consistent with the
assets&#8217; remaining useful life, taking into consideration the appropriate discount rates. The discount rates used to discount future
net cash flows is the WACC, for each CGU a specific WACC was determined which considered the business segment and the country conditions
where the operations are performed. In order to calculate the fair value less the costs of disposal, the Company Management uses the
estimated value of the future cash flows that a market participant could generate from the appropriate CGU, less the necessary costs
to carry out the sale of the corresponding CGU.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company Management is required to make judgments at the moment of the future cash flow estimation. The actual cash flows and the values
may differ significantly from the expected future cash flows and the related values obtained through discount techniques.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.2
<U>Current and deferred Income tax</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s Management periodically evaluates tax treatments affecting the determination of taxable profit regarding uncertain tax
treatment under tax law considering the acceptability of a particular tax treatment by the relevant taxation authority, and, if applicable,
recognizes tax provisions to reflect the effect of the uncertainty for each tax treatment based on the amount estimated to be paid to
the tax authorities.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the final tax resolution regarding uncertain tax treatments differs from recognised figures, such differences will have an effect on
income tax and deferred income tax at the year of such determination.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
tax asset is reviewed at each reporting date and reduced in accordance with the probability that the sufficient taxable base will be
available to allow and for the total or partial recovery of these assets. In assessing the recoverability of deferred tax assets, Management
considers if it is likely that a portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred
tax assets depends on the generation of future taxable income in the periods in which these temporary differences become deductible.
To make this assessment, Management takes into consideration the scheduled reversal of deferred tax liabilities, the projections of future
taxable income and tax planning strategies.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
generation of future taxable profits may differ from these estimated affecting the deductibility of deferred tax assets.</FONT></P>


<!-- Field: Page; Sequence: 102 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
6</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.3
<U>Provision for contingencies</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company is subject to various claims, lawsuits and other legal proceedings that arise during the ordinary course of its business. The
Company&#8217;s liabilities with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. The
Company reviews the status of each contingency and assesses potential financial liability, applying the criteria indicated in Note 4.21,
for which elaborates the estimates mainly with the assistance of legal advisors, based on information available to the Management at
Consolidated Financial Statements date, and taking into account the litigation and resolution/settlement strategies.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Contingencies
include outstanding lawsuits or claims for possible damages to third parties in the ordinary course of the Company&#8217;s business,
as well as third party claims arising from disputes concerning the interpretation of legislation.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company evaluates whether there would be additional expenses directly associated with the ultimate resolution of each contingency, which
will be included in the provision if they may be reasonably estimated.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
final resolutions of the litigation could differ from Management's estimates, generating current provisions to be inadequate, which could
have a material adverse effect on the statement of financial position, comprehensive income, changes in equity and cash flows.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.4
<U>Asset retirement obligations and decommissioning of wind turbines</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Asset
retirement obligations in oil and gas areas after completion of operations require the Company&#8217;s Management to estimate the number
of wells, long-term well abandonment costs and the time remaining until abandonment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the same way, the obligations related to the decommissioning of wind turbines in wind farms require the Company&#8217;s Management to
estimate long-term dismantling costs and the time remaining until the dismantling.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Technology,
costs and political, environmental and safety considerations constantly change and may result in differences between actual future costs
and estimates.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Asset
retirement obligations&#8217; and the decommissioning of wind turbines&#8217; estimates are adjusted at least once a year or more frequently
if there are changes in the assumptions considered in the assessment.</FONT></P>


<!-- Field: Page; Sequence: 103 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
6</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.5
<U>Impairment of financial assets and other credits</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Group is exposed to losses for uncollectible receivables. The Company Management estimates the final collectability of the accounts receivable.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
accounting of expected credit losses for trade receivables and other receivables with similar risk characteristics is based on the Company's
best estimate of the default risk and the calculation of the expected credit losses rates, based on historical information of the behavior
of the Company's clients, current market conditions and forward-looking estimates at the end of each reporting period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
order to estimate collections related to the sale of gas and energy in the spot market and revenues associated with natural gas production
promotion plans, the Company mainly considers CAMMESA&#8217;s and federal government&#8217;s capacity to meet its payment obligations
to generators and producers, including the resolutions issued by the SE, which allow the Company to collect its receivables through different
mechanisms.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Future
adjustments to the allowance may be necessary if future real economic conditions differ substantially from the assumptions used in the
assessment for each year.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.6
<U>Actuarial assumptions in defined benefit plans</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Commitments
with defined benefit plans to employees are recognised as liabilities in the statement of financial position based on actuarial estimates
revised annually by an independent actuary, using the projected unit credit method.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
present value of defined benefit pension plan depends on multiple factors that are determined according to actuarial estimates, net of
the fair value of the plan assets, when applicable. For this purpose, certain assumptions are used including the discount rate and wage
growth rate assumptions. It may be necessary to make adjustments in the future if future real economic conditions materially differ from
the assumptions used in the valuation of each year.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.7
<U>Oil and gas reserves</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Reserves
include oil and gas volumes (in m3 of oil equivalent) that are economically producible, in the areas where the Company operates or has
a (direct or indirect) interest and over which the Company has exploration and exploitation rights.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">There
are numerous uncertainties in estimating proved and unproved reserves, future production profiles, development costs and prices, including
several factors beyond the producer&#8217;s control. Reserve engineering is a subjective process of estimating underground accumulations
involving a certain degree of uncertainty.</FONT></P>


<!-- Field: Page; Sequence: 104 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
6</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Reserves
estimates depend on the quality of the available engineering and geological data as of the estimation date and on the interpretation
and judgment thereof.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Periodic
revisions and adjustments to the estimated oil and gas reserves and related future net cash flows may be necessary as a result of changes
in a number of factors, related to reservoir performance, new drilling, oil and gas prices, cost, technological advances, new geological
or geophysical data, and other economic factors or at least once a year.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s estimates of oil and gas reserves have been developed by the Company&#8217;s internal specialists, specifically petroleum
engineers, and audited by independent specialists engaged by Company.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company uses the information obtained from the calculation of reserves in the determination of depreciation of properties, plant and
equipment used in oil and gas areas, as well as assessing the recoverability of these assets and including, when applicable, goodwill
allocated to the oil and gas segment (see Notes 4.6 to 4.9).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.8
<U>Environmental remediation</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
costs incurred to limit, neutralize or prevent environmental pollution are only capitalized if at least one of the following conditions
is met: (a) such costs relate to improvements in safety; (b) the risk of environmental pollution is prevented or limited; or (c) the
costs are incurred to prepare the assets for sale and the book value of such assets does not exceed their respective recoverable value.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Liabilities
related to future remediation costs are recorded when, on the basis of environmental assessments, such liabilities are probable to materialize,
and costs can be reasonably estimated. The actual recognition and amount of these provisions are generally based on the Company&#8217;s
commitment to an action plan, such as an approved remediation plan or the sale or disposal of an asset. In general, the provision is
recognised on the basis that a future remediation commitment may be required.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company measures liabilities based on its best estimation of present value of future costs, using currently available technology and
applying current environmental laws and regulations as well as the Company&#8217;s own internal environmental policies.</FONT></P>


<!-- Field: Page; Sequence: 105 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
6</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.9
<U>Fair value of financial assets that are not traded in active markets</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
fair value of financial instruments that are not traded in active markets is determined using valuation techniques. These valuation techniques
consider estimates based on information available to the Management at Consolidated Financial Statements date, for those significant
variables that cannot be observed in the market, including the discount rate, among others.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Future
adjustments may be necessary if future real economic conditions differ substantially from the assumptions used in the valuation for each
period.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1.10
<U>Business Combinations</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
acquisition method involves the measurement at fair value of the identifiable assets acquired and the liabilities assumed in the business
combination at the acquisition date.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
the purpose to determine the fair value of identifiable assets, the Company uses the valuation approach considered the most representative
for each asset. These include: i) the income approach, through indirect cash flows (net present value of expected future cash flows)
or through the multi-period excess earnings method, ii) the cost approach (replacement value of the good adjusted for loss due to physical
deterioration, functional and economic obsolescence) and iii) the market approach through comparable transactions method.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Likewise,
in order to determine the fair value of liabilities assumed, the Company&#8217;s Management considers the probability of cash outflows
that will be required for each contingency, and elaborates the estimates with assistance of legal advisors, based on the information
available and taking into account the strategy of litigation and resolution / liquidation.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Management
critical judgment is required in selecting the approach to be used and estimating future cash flows. Actual cash flows and values may
differ significantly from the expected future cash flows and related values obtained through the mentioned valuation techniques.</FONT></P>



<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.2
Financial risk management</B></FONT></P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.2.1
<U>Financial Risk Factors</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s activities are subject to several financial risks: market risk (including the exchange rate risk, the interest rate risk
and the price risk), credit risk and liquidity risk.</FONT></P>


<!-- Field: Page; Sequence: 106 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
6</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial
risk management is encompassed within the Company&#8217;s global policies, there is an integrated risk management methodology, where
the focus is not placed on the individual risks of the business units&#8217; operations, but there is rather a wider perspective focused
on monitoring risks affecting the whole portfolio. The Company&#8217;s risk management strategy seeks to achieve a balance between profitability
targets and risk exposure levels. Financial risks are those derived from financial instruments the Company is exposed to during or at
the closing of each fiscal year. The Company uses derivative instruments to hedge certain risks when it deems it necessary according
to its risk management internal policies.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial
risk management is controlled by the Financial Department, which identifies, evaluates and covers financial risks. Risk management systems
and policies are reviewed on a regular basis to reflect changes in market conditions and the Company&#8217;s activities, and have been
applied consistently during the periods included in these Consolidated Financial Statements. This section includes a description of the
main risks and uncertainties which may adversely affect the Company&#8217;s strategy, performance, operational results and financial
position.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify; text-indent: -0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>6.2.1.1
Market risks</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.2.1.1.1
Foreign exchange risk</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s results of operations and financial position are exposed to changes in the exchange rate between the Company&#8217;s
functional currency, which is the U.S. dollar and other currencies, primarily with respect to the Argentine peso (which is the legal
currency in Argentina). In some cases, the Company may use derivative financial instruments to mitigate the associated exchange rate
risk.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
fiscal year 2022, the U.S. dollar recorded an approximate 72.5% increase against the Argentine peso, from $ 102.72 in December 2021 to
$ 177.16 in December 2022, and taking into consideration that during the year the Company mostly had a net passive position in Argentine
pesos, as of December 31, 2022 the Company recorded net foreign exchange gain in the amount of $ 11,398 million. Taking into account
the net passive financial position in Argentine pesos as of December 31, 2021, the Company estimates that provided all other variables
remain constant, a 10% revaluation/(devaluation) of U.S. dollar as compared to the Argentine peso would generate in absolute values a
(decrease)/increase of $ 4,082 million in the 2022 fiscal year&#8217;s income, before income tax.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Group&acute;s exposure to other foreign currency movements is not material.</FONT></P>


<!-- Field: Page; Sequence: 107 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
6</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.2.1.1.2
Price risk</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s financial instruments are not significantly exposed to hydrocarbon international price risks because the current regulatory,
economic and governmental policies in force, prevent oil and gas domestic prices to be directly affected in the short-term due to variations
in the international market.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
the Company&#8217;s investments in financial assets classified as &#8220;at fair value through profit or loss&#8221; are sensitive to
the risk of changes in the market prices resulting from uncertainties as to the future value of such financial assets.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company estimates that provided all other variables remain constant, a 10% revaluation/(devaluation) of each market price would generate
the following increase/(decrease) in the fiscal year&#8217;s income, before income tax in relation to financial assets at fair value
through profit and loss detailed in Note 12.2 to these Consolidated Financial Statements:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Increase of the result for the year</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 60%">Financial assets</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Shares</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,329</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,536</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Corporate bonds</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,360</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">199</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Government securities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,628</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,846</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Mutual funds</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">555</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">421</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Variation of the result for the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,872</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,002</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.2.1.1.3
Cash flow and fair value interest rate risk</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
management of the interest rate risk seeks to reduce financial costs and limit the Company&#8217;s exposure to interest rate increases.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indebtedness
at variable rates exposes the Company to the interest rate risk on its cash flows due to the possible volatility they may experience.
Indebtedness at fixed rates exposes the Company to the interest rate risk on the fair value of its liabilities, since they may be considerably
higher than variable rates.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, 18% of the indebtedness was subject to variable interest rates. Furthermore, 52% of the Company&#8217;s debt accruing
variable interest rates is denominated in U.S. dollars, mainly at Libor and SOFR rate plus an applicable spread. Regarding the replacement
of the LIBOR reference interest rate effective from July 2023, the Company does not estimate any significant impacts on the current indebtedness
subject to such reference rate.</FONT></P>


<!-- Field: Page; Sequence: 108 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
6</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company seeks to mitigate its interest-rate risk exposure through the analysis and evaluation of: (i) the different liquidity sources
available in the financial and capital market, both domestic and (if available) international; (ii) interest rates alternatives (fixed
or variable), currencies and terms available for companies in a similar sector, industry and risk than the Company; (iii) the availability,
access and cost of interest-rate hedge agreements. On doing this, the Company evaluates the impact on profits or losses resulting from
each strategy over the obligations representing the main interest-bearing positions.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the case of fixed rates and in view of the market&#8217;s current conditions, the Company considers that the risk of a significant decrease
in interest rates is low and, therefore, does not foresee a substantial risk in its indebtedness at fixed rates.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the date of issuance of these Consolidated Financial Statements, the Company is not exposed to a significant risk of variable interest
rate increases since most of the financial debt is subject to fixed rate.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table shows the breakdown of the Company&#8217;s borrowings classified by interest rate and the currency in which they are
denominated:</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 12pt 0 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 60%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Fixed interest rate:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Argentine pesos</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,065</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,156</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>U.S. dollar</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">207,897</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">135,399</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Subtotal loans obtained at a fixed interest rate</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">217,962</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">136,555</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Floating interest rate:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Argentine pesos</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">24,762</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>U.S. dollar</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">26,319</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">8,978</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Subtotal loans obtained at a floating interest rate</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">51,081</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">8,978</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Non interest accrued</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Argentine pesos</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,973</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>U.S. dollar</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12,750</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,262</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Subtotal loans no interest accrued</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">16,723</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,262</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total borrowings</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">285,766</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">147,795</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 12pt 0 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Based
on the conducted simulations, and provided all other variables remain constant, a 10% increase/decrease in variable interest rates would
generate the following (decrease)/increase in the 2022 fiscal year's income, before income tax, of $ 1,869 million.</FONT></P>


<!-- Field: Page; Sequence: 109 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
6</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify; text-indent: -0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>6.2.1.2
Credit risk</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company establishes individual credit limits according to the limits defined by the Board of Directors and approved by the Financial
Department based on internal or external ratings. The Company makes constant credit assessments on its customers&#8217; financial capacity,
which minimizes the potential risk for bad debt losses.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
credit risk represents the exposure to possible losses resulting from the breach by commercial or financial counterparties of their obligations
taken on with the Company. This risk stems mainly from economic and financial factors or a possible counterparty default.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
credit risk is associated with the Company&#8217;s commercial activity through customer trade receivables, as well as available funds
and deposits in banking and financial institutions.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company, in its ordinary course of business and in accordance with its credit policies, grants credits to a large customer base, mainly
large sectors of the industry, including petrochemical companies, natural gas distributors and electricity large users.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the Company&#8217;s trade receivables totaled $ 53,177 million, representing 99.98% the short-term trade receivables
and the remaining 0.02% is classified as non-current. With the exception of CAMMESA, which represents approximately 54% of such trade
receivables, the Company does not have a significant credit risk concentration, as this exposure is distributed among a large number
of customers and other counterparties.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
impossibility by CAMMESA to pay these receivables may have a substantially adverse effect on cash income and, consequently, on the result
of operations and financial situation which, in turn, may adversely affect the Company&#8217;s repayment capacity.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
credit risk of liquid funds and other financial investments is limited since the counterparties are high credit quality banking institutions.
If there are no independent risk ratings, the Financial Department evaluates the customer&#8217;s creditworthiness, based on past experiences
and other factors.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company applies the simplified approach of IFRS 9 to measure the expected credit losses of trade receivables and other receivables in
accordance with the policy described in Note 4.10.4.</FONT></P>


<!-- Field: Page; Sequence: 110 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
6</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
expected credit loss on trade receivables and financial assets as of December 31, 2022, 2021 and 2020 amounts to $ 254 million, $ 109
million and $ 993 million, respectively and was determined based on credit loss rates calculated for days past due detailed below:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold; width: 20%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">Undue</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">30 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">60 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">90 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">120 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">150 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">180 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">+ 180 days</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD>Generation</TD>
    <TD STYLE="text-align: center">0.08%</TD>
    <TD STYLE="text-align: center">0.26%</TD>
    <TD STYLE="text-align: center">2.54%</TD>
    <TD STYLE="text-align: center">7.11%</TD>
    <TD STYLE="text-align: center">14.37%</TD>
    <TD STYLE="text-align: center">21.39%</TD>
    <TD STYLE="text-align: center">27.22%</TD>
    <TD STYLE="text-align: center">33.01%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD>Oil and Gas</TD>
    <TD STYLE="text-align: center">0.18%</TD>
    <TD STYLE="text-align: center">0.48%</TD>
    <TD STYLE="text-align: center">13.24%</TD>
    <TD STYLE="text-align: center">31.50%</TD>
    <TD STYLE="text-align: center">32.01%</TD>
    <TD STYLE="text-align: center">32.09%</TD>
    <TD STYLE="text-align: center">32.31%</TD>
    <TD STYLE="text-align: center">32.38%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD>Petrochemicals</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD>Holding</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <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>
    <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: white">
    <TD STYLE="font-weight: bold">12.31.2021</TD>
    <TD STYLE="font-weight: bold; text-align: center">Undue</TD>
    <TD STYLE="font-weight: bold; text-align: center">30 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">60 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">90 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">120 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">150 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">180 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">+ 180 days</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD>Generation</TD>
    <TD STYLE="text-align: center">0.06%</TD>
    <TD STYLE="text-align: center">0.29%</TD>
    <TD STYLE="text-align: center">2.08%</TD>
    <TD STYLE="text-align: center">2.83%</TD>
    <TD STYLE="text-align: center">4.67%</TD>
    <TD STYLE="text-align: center">6.12%</TD>
    <TD STYLE="text-align: center">6.24%</TD>
    <TD STYLE="text-align: center">6.25%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD>Oil and Gas</TD>
    <TD STYLE="text-align: center">0.04%</TD>
    <TD STYLE="text-align: center">0.17%</TD>
    <TD STYLE="text-align: center">0.77%</TD>
    <TD STYLE="text-align: center">2.72%</TD>
    <TD STYLE="text-align: center">6.88%</TD>
    <TD STYLE="text-align: center">19.88%</TD>
    <TD STYLE="text-align: center">21.97%</TD>
    <TD STYLE="text-align: center">15.89%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD>Petrochemicals</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.01%</TD>
    <TD STYLE="text-align: center">0.05%</TD>
    <TD STYLE="text-align: center">0.12%</TD>
    <TD STYLE="text-align: center">0.52%</TD>
    <TD STYLE="text-align: center">0.52%</TD>
    <TD STYLE="text-align: center">0.54%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD>Holding</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.01%</TD>
    <TD STYLE="text-align: center">0.05%</TD>
    <TD STYLE="text-align: center">0.12%</TD>
    <TD STYLE="text-align: center">0.52%</TD>
    <TD STYLE="text-align: center">0.52%</TD>
    <TD STYLE="text-align: center">0.54%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <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>
    <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">12.31.2020</TD>
    <TD STYLE="font-weight: bold; text-align: center">Undue</TD>
    <TD STYLE="font-weight: bold; text-align: center">30 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">60 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">90 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">120 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">150 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">180 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">+ 180 days</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Generation</TD>
    <TD STYLE="text-align: center">0.35%</TD>
    <TD STYLE="text-align: center">1.11%</TD>
    <TD STYLE="text-align: center">5.74%</TD>
    <TD STYLE="text-align: center">9.78%</TD>
    <TD STYLE="text-align: center">11.23%</TD>
    <TD STYLE="text-align: center">19.77%</TD>
    <TD STYLE="text-align: center">20.87%</TD>
    <TD STYLE="text-align: center">22.71%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Oil and Gas</TD>
    <TD STYLE="text-align: center">0.49%</TD>
    <TD STYLE="text-align: center">0.72%</TD>
    <TD STYLE="text-align: center">5.96%</TD>
    <TD STYLE="text-align: center">16.21%</TD>
    <TD STYLE="text-align: center">16.23%</TD>
    <TD STYLE="text-align: center">17.74%</TD>
    <TD STYLE="text-align: center">17.76%</TD>
    <TD STYLE="text-align: center">17.79%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Petrochemicals</TD>
    <TD STYLE="text-align: center">0.02%</TD>
    <TD STYLE="text-align: center">0.06%</TD>
    <TD STYLE="text-align: center">0.72%</TD>
    <TD STYLE="text-align: center">2.26%</TD>
    <TD STYLE="text-align: center">9.95%</TD>
    <TD STYLE="text-align: center">23.84%</TD>
    <TD STYLE="text-align: center">19.14%</TD>
    <TD STYLE="text-align: center">36.92%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Holding</TD>
    <TD STYLE="text-align: center">12.58%</TD>
    <TD STYLE="text-align: center">0.94%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
although cash, cash equivalents and financial assets are also subject to the impairment requirements of IFRS 9, the identified impairment
loss is immaterial.</FONT></P>


<!-- Field: Page; Sequence: 111 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
6</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Allowance
of impairment of financial assets and other credits evolution as of December 31, 2022, 2021 and 2020, is detailed in Note 12.3.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s maximum exposure to credit risk is based on the book value of each financial asset in the Consolidated Financial Statements.
On the basis of the change in an assumption, while holding all other assumptions constant, a 5% increase/(decrease) in the estimated
trade receivables&#8217; uncollectibility rate would result in $ 52 million (decrease)/increase in 2022 fiscal year&#8217;s results,
before income tax.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify; text-indent: -0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>6.2.1.3
Liquidity risk</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
liquidity risk is associated with the Company&#8217;s capacity to finance its commitments and conduct its business plans with stable
financial sources, as well as with the indebtedness level and the financial debt maturities profile. The cash flow projection is made
by the Financial Department.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company Management supervises updated projections on liquidity requirements to guarantee the sufficiency of cash and liquid financial
instruments to meet operating and financing needs of the Company while keeping at all times a sufficient margin of unused credit facilities.
In this way, the aim is that the Company does not breach indebtedness levels or the Covenants, if applicable, of any credit facility.
Those projections take into consideration the Company&#8217;s debt financing plans, the meeting of the covenants and, if applicable,
the external regulatory or legal requirements such as, for example, restrictions on the use of foreign currency. Additionally, the Financial
Department regularly monitors the available credit for the Company, both in the local and international capital market as well as in
the banking sector.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Excess
cash and balances above working capital management requirements are managed by the Company&#8217;s Treasury Department, which invests
them in marketable securities, term deposits and mutual funds, selecting instruments having proper currencies and maturities, and an
adequate credit quality and liquidity to meet cash needs estimated in the previously indicated projections.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company keeps its sources of financing diversified between banks and the capital market, and it is exposed to the refinancing risk at
maturity.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
should be noted that the Company operates in an economic context in which main variables experience volatility as a result of political
and economic events both domestically and internationally, as described in Note 1.2.</FONT></P>


<!-- Field: Page; Sequence: 112 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
6</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
international instability resulting from the Russian invasion, added to the particular circumstances of the Argentine sovereign debt
renegotiation, has impacted the international financial markets, increasing the cost of access to finance for emerging markets in general,
and particularly for Argentina. As regards access to domestic financing, an increased liquidity in pesos and a reduced cost of financing
have been verified, especially in the very short term.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
these impacts may potentially affect the Company&#8217;s capacity to obtain financing for its operations in a timely manner and under
acceptable and efficient terms, costs and conditions in line with the Company&#8217;s business needs.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Furthermore,
the restrictions imposed by the BCRA (see Note 2.5) with the purpose of regulating inflows and outflows in the MLC and other new restrictions
which may be imposed in the future may affect the Company&#8217;s capacity to access the MLC to acquire the foreign currency necessary
to meet its financial obligations, such as debt principal and interest payments (including the CBs debt), and other additional payments
abroad, or otherwise affect the Company&#8217;s business and the results of its operations.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company&#8217;s Management permanently monitors the evolution of situations affecting its business to determine possible steps to take
and identify potential impacts on its assets and financial position.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
is worth highlighting that the Company currently has a strong level of liquidity that allows it to properly face such volatility.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
determination of the Company&#8217;s liquidity index for fiscal years ended December 31, 2022 and 2021 is detailed below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 60%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Current assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">238,183</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">115,642</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Current liabilities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">111,698</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">35,107</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Liquidity ratio</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">2.13</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">3.29</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 113 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
6</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table includes an analysis of the Company trade receivables, other receivables and financial liabilities, grouped according
to their maturity dates and considering the period remaining until their contractual maturity date from the date of the Consolidated
Financial Statements. Derivative financial liabilities are included in the analysis if their contractual maturities are essential for
the understanding of the cash flow calendar. The amounts shown in the table are the contractual undiscounted cash flows.</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; width: 51%">As of December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">Trade and other payables <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Borrowings</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Less than three months</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">72,957</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">40,826</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">20,883</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Three months to one year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,395</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">8,905</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">53,937</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>One to two years</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,051</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,195</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">63,213</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Two to five years</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,078</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">552</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">175,818</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>More than five years</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,010</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">58,903</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>No set maturity term</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7,262</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">86,743</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">53,488</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">372,754</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left">As of December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade and other payables <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Borrowings</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Less than three months</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">31,278</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">18,123</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,734</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Three months to one year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,233</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">438</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10,502</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>One to two years</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">660</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">499</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">57,220</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Two to five years</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,800</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">285</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">26,305</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>More than five years</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">556</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">105,240</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>No set maturity term</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,300</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">44,271</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">19,901</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">205,001</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)
</SUP>Includes Lease Liabilities (see Note 20).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.3
Capital risk management</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
aims of managing capital are to safeguard its capacity to continue operating as an on-going business with the purpose of generating return
for its shareholders and benefits to other stakeholders, and keeping an optimal capital structure to reduce the cost of capital.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
keep or adjust its capital structure, the Company may adjust the amount of the dividends paid to its shareholders, reimburse capital
to its shareholders, issue new shares, conduct stock repurchase programs or sell assets to reduce its debt.</FONT></P>


<!-- Field: Page; Sequence: 114 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
6</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
line with industry practices, the Company monitors its capital based on the leverage ratio. This ratio is calculated by dividing the
net debt by the total capital. The net debt equals the total indebtedness (including current and non-current indebtedness) minus cash
and cash equivalents and current financial assets at fair value through profit and loss. The total capital corresponds to the shareholders&#8217;
equity as shown in the statement of financial position, plus the net debt.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial
leverage ratios as at December 31, 2022 and 2021 were as follows:</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 12pt 0 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; width: 60%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Total borrowings</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">285,766</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">147,795</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Less: cash and cash equivalents, and financial assets at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">(122,613)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">(58,309)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Net debt</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">163,153</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">89,486</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Total capital</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">566,616</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">272,917</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Leverage ratio</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">28.79%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">32.79%</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 12pt 0 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
7</U>: SEGMENT INFORMATION</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company is a fully integrated power company in Argentina, which participates in the electricity and oil and gas value chains.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Through
its own activities, subsidiaries and share holdings in joint ventures, and based on the business nature, customer portfolio and risks
involved, the following business segments have been identified:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Electricity
Generation</B>, principally consisting of the Company&#8217;s direct and indirect interests in HINISA, HIDISA, Greenwind, VAR, CTB, TMB,
TJSM and through its own electricity generation activities through thermal plants G&uuml;emes, Piedra Buena, Piquirenda, Loma de la Lata,
Genelba and Ecoenerg&iacute;a, Pilar, I. White, the Pichi Pic&uacute;n Leuf&uacute; hydroelectric complex and PEPE II, PEPE III and PEPE
IV wind farms. It is worth highlighting that the results of the segment&#8217;s operations reflect the effects of the consolidation with
Greenwind and VAR as from August 12, 2022 and December 16, 2022, respectively; see Note 5.1.3 and Note 5.1.5.</FONT></P>


<!-- Field: Page; Sequence: 115 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
7</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Electricity
Distribution</B>, consisting of the Company&#8217;s direct interest in Edenor until its disposal. As of December, 31, 2021 and 2020,
the Company has classified the <FONT STYLE="color: #222222">results corresponding to the divestment mentioned in Note 5.1.1 as discontinued
operations</FONT>.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Oil
and Gas</B>, principally consisting of the Company&#8217;s interests in oil and gas areas and through its direct and indirect interest
in CISA.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Petrochemicals</B>,
comprising of the Company&#8217;s own styrenics operations and the catalytic reformer plant operations conducted in local plants.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Holding
and Other Business</B>, principally consisting of interests in joint businesses CITELEC and CIESA and their respective subsidiaries,
which hold the concession over the high voltage electricity transmission nationwide and over gas transportation in the South of the country,
respectively, interests in the associates OCP and Refinor (until its divestment detailed in Note 5.1.2), holding activities and financial
investment transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company
manages its operating segment based on its individual net result in U.S. dollars.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 116 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
7</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; text-align: center">in million of US$</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">in million of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 43%">Consolidated profit and loss information for the year ended December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Generation</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Petrochemicals</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Consolidated</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Revenue - local market</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">663</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">370</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">425</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">20</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,478</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">196,723</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Revenue - foreign market</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">159</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">192</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">351</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">45,459</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Intersegment revenue</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">117</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(117)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(370)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(359)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(536)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">117</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1,148)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(150,891)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Gross profit</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">293</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">287</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">81</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">20</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">681</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">91,291</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(36)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(17)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(56)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(7,218)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(39)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(60)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(34)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(138)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(18,708)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Exploration expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(50)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">25</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">61</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">44</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">131</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">19,066</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(26)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(6)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(9)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(46)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5,952)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(30)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(6)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(38)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(4,925)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(6)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(8)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1,142)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">65</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">40</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">105</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">16,089</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Operating income</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">336</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">194</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">52</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">49</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">631</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">88,451</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">9</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(7)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">768</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(82)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(107)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(36)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">7</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(221)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(30,488)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other financial results</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">72</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(28)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">6</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">116</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">166</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">25,558</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial results, net</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(9)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(133)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">3</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">89</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(50)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(4,162)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Profit before income tax</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">327</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">61</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">55</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">138</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">581</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">84,289</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(73)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(16)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(15)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(20)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(124)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(19,389)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Profit of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">254</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">45</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">40</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">118</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">457</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">64,900</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Depreciation and amortization</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">82</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">125</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">212</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">27,731</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>


<!-- Field: Page; Sequence: 117 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
7</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in million of US$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in million of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 43%">Consolidated profit and loss information for the year ended December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Generation</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Petrochemicals</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Consolidated</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total profit of the year attributable to:</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Owners of the company</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">253</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">45</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">40</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">118</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">456</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">64,859</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Non-controlling interest</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">41</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; background-color: white">Consolidated financial position information as of December 31, 2022</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Assets</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2,464</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,234</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">177</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,029</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(162)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">4,742</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">840,064</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Liabilities</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">979</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,248</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">147</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">245</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(161)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2,458</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">435,444</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Net book values of property, plant and equipment</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,299</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">807</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">24</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">34</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,164</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">383,464</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; background-color: white">Additional consolidated information as of December 31, 2022</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increases in property, plant and equipment, intangible assets and right-of-use assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">115</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">324</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">36</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">482</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">65,102</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 118 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
7</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 0.5pt solid; text-align: center">in million of US$</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: center">in million of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 37%">Consolidated profit and loss information for the year ended December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Generation</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Distribution<BR>
of energy</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Consolidated</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Revenue - local market</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">656</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">282</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">310</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">22</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,270</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">121,638</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Revenue - foreign market</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">58</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">180</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">238</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">23,003</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Intersegment revenue</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">113</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(113)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(355)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(289)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(424)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">113</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(955)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(91,342)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Gross profit</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">301</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">164</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">66</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">22</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">553</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">53,299</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(18)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(13)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(33)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,156)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(31)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(46)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(4)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(18)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(99)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(9,507)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Exploration expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(61)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">42</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">58</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">105</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10,196</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(28)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(22)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(58)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(5,360)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Impairment of intangible assets and inventories</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(4)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(332)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(220)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">47</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">70</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">117</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">11,567</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Operating income</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">350</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">130</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">45</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">54</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">579</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">56,426</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">3</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">10</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">847</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(46)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(103)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(34)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(185)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(17,512)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other financial results</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(14)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(16)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">18</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(14)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,545)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial results, net</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(56)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(116)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(12)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(189)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(18,210)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Profit before income tax</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">294</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">14</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">40</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">42</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">390</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">38,216</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(75)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">8</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(12)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(77)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(7,301)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Profit of the year from continuing operations</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">219</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">22</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">28</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">44</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">313</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">30,915</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Loss of the year from discontinued operations</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(75)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(75)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(7,129)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Profit (Loss) of the year</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">219</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(75)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">22</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">28</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">44</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">238</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">23,786</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Depreciation and amortization</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">88</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">114</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">3</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">205</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">19,673</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>


<!-- Field: Page; Sequence: 119 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
7</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in million of US$</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in million of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 37%">Consolidated profit and loss information for the year ended December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Generation</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Distribution<BR>
of energy</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total profit (loss) of the year attributable to:</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Owners of the company</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">218</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(39)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">22</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">28</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">44</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">273</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">27,097</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Non-controlling interest</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(36)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(35)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,311)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; background-color: white">Consolidated financial position information as of December 31, 2021</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,670</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,157</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">176</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,067</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(209)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,861</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">396,653</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Liabilities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">525</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,324</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">166</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">264</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(209)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,070</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">212,613</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Net book values of property, plant and equipment</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">969</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">636</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">22</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">32</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,659</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">170,390</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline">Additional consolidated information as of December 31, 2021</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Increases in property, plant and equipment, intangible assets and right-of-use assets</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">39</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">213</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">264</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">25,506</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 120 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
7</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 0.5pt solid; text-align: center">in million of US$</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">in million of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 35%">Consolidated profit and loss information for the year ended December 31, 2020</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Generation</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Distribution<BR>
of energy</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Consolidated</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Consolidated</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Revenue - local market</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">559</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">199</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">178</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">20</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">956</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">68,373</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Revenue - foreign market</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">28</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">89</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">117</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">8,402</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Intersegment revenue</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">67</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(67)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(254)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(243)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(233)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">67</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(663)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(46,850)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Gross profit</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">305</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">51</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">34</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">20</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">410</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">29,925</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(15)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(9)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(26)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,828)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(30)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(42)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(18)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(93)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,588)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Exploration expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(29)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">35</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">9</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">7</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">51</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,628</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(6)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(17)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(6)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(7)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(36)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,550)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(128)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(11)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(139)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(10,351)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(13)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">3</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(9)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(560)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">67</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">18</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">85</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6,551</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Operating income (loss)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">241</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(27)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">6</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">23</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">243</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">18,198</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">3</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">7</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">9</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">686</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(73)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(100)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(177)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(12,528)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other financial results</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">44</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">34</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">84</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6,131</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial results, net</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(69)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(49)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">32</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(84)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(5,711)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Profit (loss) before income tax</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">172</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(76)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">8</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">55</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">159</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">12,487</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(33)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">23</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(23)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(35)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,122)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Profit (loss) of the year from continuing operations</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">139</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(53)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">6</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">32</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">124</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">9,365</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Loss of the year from discontinued operations</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(592)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(592)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(49,333)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Profit (loss) of the year</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">139</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(592)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(53)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">6</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">32</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(468)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(39,968)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Depreciation and amortization</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">95</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">81</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">108</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">286</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">21,071</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>


<!-- Field: Page; Sequence: 121 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
7</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in million of US$</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in million of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 35%">Consolidated profit and loss information for the year ended December 31, 2020</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Generation</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Distribution<BR>
of energy</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Consolidated</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 7%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total profit (loss) of the year attributable to:</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Owners of the company</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">147</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(499)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(53)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">32</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(367)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(31,447)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Non-controlling interest</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(8)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(93)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(101)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(8,521)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; font-weight: bold">Consolidated financial position information as of December 31, 2020</TD>
    <TD COLSPAN="2" STYLE="text-decoration: underline; font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,595</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,356</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,085</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">107</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">832</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(85)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,890</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">411,528</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Liabilities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">707</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,021</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,174</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">126</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">178</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(85)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,121</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">262,650</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Net book values of property, plant and equipment</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,015</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">543</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">19</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">33</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,610</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">135,445</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline">Additional consolidated information as of December 31, 2020</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Increases in property, plant and equipment and right-of-use assets</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">61</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">135</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">41</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">242</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">18,832</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 122 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
8</U>: REVENUE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2022</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 13%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Energy sales in Spot Market</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28,080</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16,016</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12,581</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Energy sales by supply contracts</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">46,122</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36,388</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">23,542</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Fuel supply</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13,218</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,824</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,971</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">465</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">456</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">199</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Generation sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">87,885</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">62,684</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">40,293</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Gas sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">50,659</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22,294</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,753</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Oil sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,906</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,510</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,574</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,247</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">982</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">681</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Oil and gas sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">69,812</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">32,786</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">16,008</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Products from catalytic reforming sales</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36,533</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,826</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,071</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Styrene sales</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12,678</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,057</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,030</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Synthetic rubber sales</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13,760</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,485</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,479</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Polystyrene sales</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18,582</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,409</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,080</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">366</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">260</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">440</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Petrochemicals sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">81,919</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">47,037</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">19,100</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Technical assistance and administration services sales</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">2,513</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,109</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,351</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">53</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">25</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">23</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Holding and others subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,566</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,134</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,374</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total revenue</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">242,182</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">144,641</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">76,775</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 123 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
9</U>: COST OF SALES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 15%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 15%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Inventories at the beginning of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15,888</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9,766</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9,175</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Plus: Charges of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Purchases of inventories, energy and gas&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">67,091</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">42,154</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11,611</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Salaries and social security charges</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10,593</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,685</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,633</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Employees benefits</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,052</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,232</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">748</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Accrual of defined benefit plans</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">659</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">424</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">266</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Works contracts, fees and compensation for services</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,560</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,542</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,887</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Property, plant and equipment depreciation</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26,397</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18,594</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13,690</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Intangible assets amortization</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">188</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">70</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">339</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Right-of-use assets amortization</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">381</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">510</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">80</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Energy transportation</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,086</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">617</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">337</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Transportation and freights</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4,858</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,140</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,448</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Consumption of materials</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,751</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,334</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,127</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Penalties</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">199</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">185</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">34</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Maintenance</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8,068</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4,993</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,834</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Canons and royalties</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11,998</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6,291</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,986</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Environmental control</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">612</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">348</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">286</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Rental and insurance</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,518</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,358</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,581</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Surveillance and security</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">559</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">276</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">173</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Taxes, rates and contributions</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">633</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">364</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">174</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">422</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">367</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">155</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total charges of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">154,625</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">95,484</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">44,389</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11,102</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,980</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,052</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Less: Inventories at the end of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(30,724)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(15,888)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(9,766)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total cost of sales</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">150,891</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">91,342</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">46,850</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 124 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
10</U>: OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1 Selling expenses</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 51%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Salaries and social security charges</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">607</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">322</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">231</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Employees benefits</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">69</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Compensation agreements&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Fees and compensation for services</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">510</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">279</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">188</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Property, plant and equipment depreciation</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Taxes, rates and contributions</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,865</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,075</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">584</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Transportation and freights</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,983</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,359</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">640</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">180</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">87</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">135</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total selling expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">7,218</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,156</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,828</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.2&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Administrative
                                            expenses</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 51%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 15%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 15%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Salaries and social security charges</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6,579</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,276</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,410</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Employees benefits</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,080</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">494</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">317</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Accrual of defined benefit plans</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,119</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">692</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">470</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Fees and compensation for services</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,947</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,011</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,867</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Compensation agreements</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,825</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">67</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Directors' and Sindycs' fees&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">873</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">634</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">488</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Property, plant and equipment depreciation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">761</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">496</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">373</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Consumption of materials</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">46</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Maintenance</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">297</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">160</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">97</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Transport and per diem</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">252</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">63</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">34</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Rental and insurance</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">91</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">79</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">44</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Surveillance and security</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">126</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">47</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">37</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Taxes, rates and contributions</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">279</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">172</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">149</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Communications</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">184</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">83</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">269</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">137</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">128</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total administrative expenses</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">18,708</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">9,507</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6,588</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 125 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
10</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 8pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.3&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exploration
                                            expenses</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 51%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Geological and geophysical expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">50</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Derecognition of unproductive wells&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total exploration expenses</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">50</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">61</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">29</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.4&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other operating
                                            income and expenses</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; width: 48%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Note</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; background-color: white">Other operating income</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Insurance recovery</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">54</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">297</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">275</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Services provided to third parties</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">132</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">150</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">301</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from property, plant and equipment sale</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">248</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">134</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">45</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from intangible assets sale</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">252</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">146</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Dividends received</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">76</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Contingencies recovery</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">66</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,198</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">108</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Tax charges recovery</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">43</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">151</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Contractual penalty</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">481</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Commercial interests</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,841</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,572</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,089</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Argentine Natural Gas Production Promotion Plan</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,489</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,973</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Compensation for arbitration award</TD>
    <TD STYLE="text-align: center; font-weight: bold; background-color: white">15.6</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">6,447</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Other</TD>
    <TD STYLE="color: white; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">494</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">562</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">253</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total other operating income</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">19,066</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,196</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,628</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; background-color: white">Other operating expenses</TD>
    <TD STYLE="color: white; text-decoration: underline; vertical-align: bottom; background-color: white"><U>&nbsp;</U></TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Provision for contingencies</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(555)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,510)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(491)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Provision for environmental remediation</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(66)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,409)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Derecognition of property, plant and equipment&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(58)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Tax credits&acute; impairment</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(26)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(34)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Tax on bank transactions&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,865)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,208)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(788)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Donations and contributions</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(289)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(187)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(172)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Institutional promotion</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(431)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(323)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(157)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Readjustment of investment plan <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,011)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Royalties of Argentine Natural Gas Production Promotion Plan</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,083)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(447)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Other</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(626)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(242)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(877)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total other operating expenses</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(5,952)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(5,360)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(2,550)</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)
</SUP>Corresponding to the investment plan&#8217;s readjustment bond at the Sierra Chata block (see Note 18.2).</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 126 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
10</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.5&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial
                                            results</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white; width: 48%"><U></U></TD>
    <TD STYLE="color: white; font-weight: bold; text-decoration: underline; text-align: center; background-color: white; width: 5%"><U>&nbsp;</U></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; background-color: white">Financial income</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: center; background-color: white"><U>&nbsp;</U></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Financial interest&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">175</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">47</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">97</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Other interest</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">593</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">800</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">589</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total financial income</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">768</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">847</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">686</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; background-color: white">Financial costs</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Financial interests <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(23,565)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(12,913)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(11,648)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Commercial interests</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(83)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(30)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(31)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Fiscal interests</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(5,428)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(3,726)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(225)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Other interests</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(709)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(276)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(192)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Bank and other financial expenses</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(703)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(567)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(432)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total financial costs</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(30,488)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(17,512)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(12,528)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; background-color: white">Other financial results</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Foreign currency exchange difference, net</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11,398</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">150</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">952</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Changes in the fair value of financial instruments</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,543</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,477)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,489</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from present value measurement</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2,040)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(156)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">144</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from exchange of corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1,997)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from repurchase of corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">670</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,532</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Other financial results</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(16)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(62)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total other financial results</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">25,558</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,545)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">6,131</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total financial results, net</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">(4,162)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">(18,210)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">(5,711)</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net
                                            of $ 1,672 million and $ 633 million capitalized in property, plant and equipment for the
                                            years ended December 31, 2022 and 2020, respectively. There are no capitalized financial
                                            costs in the fiscal year ended December 31, 2021.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 127 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
10</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.6&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Income tax</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The breakdown
of income tax charge is:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 51%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Current tax&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">5,718</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">6,439</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1,032</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Deferred tax&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">15,887</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">844</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2,148</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Difference between previous fiscal year income tax provision and the income tax statement</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(2,216)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">18</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(58)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total&nbsp;&nbsp;income tax -&nbsp;&nbsp;Loss</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">19,389</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">7,301</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,122</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Below
is a reconciliation between income tax expense and the amount resulting from application of the tax rate on the income before taxes:</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 51%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Profit before income tax</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">84,289</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">38,216</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">12,487</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Current income tax rate</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white">35%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white">35%</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white">30%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Income tax at the statutary tax rate</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">29,501</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">13,376</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">3,746</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Share of profit from companies</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">(5,631)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">(3,998)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">(1,968)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Non-taxable results</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(113)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(96)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(396)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Effects of exchange differences and other results associated with the valuation of the currency, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">37,573</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">7,368</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">6,341</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Effects of valuation of property, plant and equipment, intangible assets and financial assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(77,161)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(25,626)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(11,279)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Effect of change in tax rate&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(550)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,320</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Effect for tax inflation adjustment</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">33,415</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">16,085</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">5,642</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Unrecognized deferred assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">362</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Difference between previous fiscal year income tax provision and the income tax statement</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">227</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">77</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(407)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Non-deductible cost</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">903</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">301</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">111</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Impairment on deferred tax assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">544</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">131</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">12</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total&nbsp;&nbsp;income tax -&nbsp;&nbsp;Loss</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">19,389</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">7,301</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,122</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-indent: -7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 128 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
11</U>: NON-FINANCIAL ASSETS AND LIABILITIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 18.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.1</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Property, plant
                                            and equipment</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Original values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 27%">Type of good</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">At the beginning&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Increases <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Increases for <BR>
incorporation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Transfers</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 8%">Decreases</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 8%">Impairment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 8%">Traslation effect</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 8%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">At the end&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Lands</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,352</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">981</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,333</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Buildings</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">14,365</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">302</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">56</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,530</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">25,253</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Equipment and machinery</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">149,670</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">533</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">46,633</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">25,349</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(154)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">117,640</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">339,671</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Wells</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">89,091</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,401</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">19,028</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(122)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(3,494)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">69,867</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">175,771</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Mining property</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">25,960</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(8,975)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">15,092</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">32,077</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Vehicles</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">566</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">296</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">63</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(50)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">490</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,365</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Furniture and fixtures and software equipment</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">5,778</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">267</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">265</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(4)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,328</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">10,635</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Communication equipments</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">128</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">94</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">223</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Materials, spare parts and tools</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3,008</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,567</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(5,231)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,960</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">6,304</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Petrochemical industrial complex</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,374</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">20</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">825</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,939</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">5,158</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Work in progress</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">13,625</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">48,698</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">16</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(33,702)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(6)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">15,685</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">44,316</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Advances to suppliers</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">5,514</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,577</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,653)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,280</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">7,718</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Other goods</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">257</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">146</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">232</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">635</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2022</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">311,688</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">61,360</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">47,098</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(336)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(12,469)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">244,118</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">651,459</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2021</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">234,426</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">24,443</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(388)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">53,207</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">311,688</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: #222222">Includes
                                            $ 1,672 million corresponding to capitalized financial costs in the fiscal year ended December
                                            31, 2022. There are no capitalized financial costs in the fiscal year ended December 31,
                                            2021.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See
                                            Notes 5.1.3 and 5.1.5.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 129 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Depreciation</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Net book values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 27%">Type of good</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">At the beginning&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Decreases</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">For
    the year <FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Impairment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Traslation effect</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">At the end&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 8%">At
    12.31.2022 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 8%">At 12.31.2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Lands</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,333</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,352</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Buildings</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,978)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(966)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(5,398)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(13,342)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">11,911</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">7,387</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Equipment and machinery</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(55,015)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(13,505)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(44,646)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(113,166)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">226,505</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">94,655</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Wells</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(54,632)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(10,127)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,522</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(42,135)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(104,372)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">71,399</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">34,459</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Mining property</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(17,892)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,301)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">6,265</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(10,881)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(23,809)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">8,268</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">8,068</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Vehicles</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(468)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">49</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(97)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(349)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(865)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">500</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">98</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Furniture and fixtures and software equipment</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(4,879)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(544)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,718)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(9,137)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,498</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">899</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Communication equipments</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(87)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(17)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(70)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(174)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">49</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Materials, spare parts and tools</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(129)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(25)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(103)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(257)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">6,047</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,879</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Petrochemical industrial complex</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,112)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(560)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(992)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,664)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,494</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,262</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Work in progress</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">44,316</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">13,625</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Advances to suppliers</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">7,718</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">5,514</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; background-color: white">Other goods</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(106)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(20)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(83)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(209)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">426</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">151</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2022</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(141,298)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">53</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(27,162)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">8,787</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(108,375)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(267,995)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">383,464</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2021</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(98,981)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">47</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(19,093)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(23,271)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(141,298)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">170,390</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #222222"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">As
                                            of December 31, 2022, the breakdown by segments was: Generation $ 10,400 million, Oil and
                                            gas $ 16,091 million, Petrochemicals $ 657 million and Holding and other $ 14 million</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #222222"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">As of December 31, 2022, the breakdown by segments was: Generation $ 233,969 million, Oil
                                            and gas $ 142,923 million, Petrochemicals $ 4,328 million and Holding and other $ 6,038 million.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 130 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.1.1
<U>Impairment of Property, plant and equipment</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company regularly monitors the existence of events or changes in circumstances which may indicate that the book value of property, plant
and equipment may not be recoverable in accordance with the policy described in Notes 4.9 and 6.1.1.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the Power Generation segment, in May 2021 spot market prices were modified by SE Resolution No. 440/21, which, although providing for
a 29% increase in remuneration, permanently abrogated the application of the automatic adjustment mechanism, with an impact on the expected
revenues update schedule (see Note 2.1). It is worth highlighting that the most significant share of revenues in the Power Generation
segment comes from energy remunerated under a differential scheme (that is, supply agreements with large users in the MATER, Energy Plus
or supply agreements entered into with CAMMESA), which have not been affected by the previously mentioned regulation.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
view of the above-mentioned indications, the Company determined the recoverable value of the CGUs that make up the Power Generation segment
as of June 30, 2021. As of December 31, 2021 and 2022, the Company did not identify additional indications that could impact the assumptions
considered in the aforementioned assessments.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of June 30, 2022, due to Company&#8217;s strategic reasons and aiming to focus its investments in the development and exploitation of
its unconventional gas reserves, and also in line with the Rinc&oacute;n del Mangrullo block&#8217;s Joint Venture members&#8217; strategy,
future drilling and workover activities were rescheduled for the next few years, which involves a 2.7 MMBoe recategorization of reserves
to contingent resources.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
view of the above-mentioned indications of impairment, the Company has determined the recoverable amount of the CGU Rinc&oacute;n del
Mangrullo making up the Oil &amp; Gas segment as of June 30, 2022. As of December 31, 2022, the Company did not identify additional indications
that could impact the assumptions considered in the aforementioned assessment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
methodology used in the estimation of the recoverable amount consisted on calculating each CGU value in use on the present value of future
net cash flows expected to be generated by the CGU, discounted with a rate reflecting the weighted average costs of the invested capital.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
flows were prepared based on estimates on the future behavior of certain variables that are sensitive in the determination of the value
in use, including the following: (i) reference prices for products; (ii) demand projections per type of product; (iii) costs evolution;
and; (iv) macroeconomic variables such as inflation and exchange rates, etc.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 7.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 131 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>11.1.1.1
Generation segment</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of June 30, 2021, the value of the assets in the Power Generation segment does not exceed its recoverable amount, therefore, the Company
has not recorded any impairment losses.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
projections used in the calculation of the recoverable amount of the CGUs of the Power Generation segment take into consideration 2 scenarios
that weigh: i) the annual price update, ranging between 80% and 100% compared to the annual inflation; ii) the regularization of the
financing term granted to CAMMESA in 2022/2023 and iii) a 10.3% WACC rate after taxes.</FONT></P>



<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>11.1.1.2
Oil &amp; Gas segment</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of June 30, 2022, the recoverability assessment of the Rinc&oacute;n del Mangrullo CGU in the Oil and Gas segment has resulted in the
recognition of impairment losses for $ 3,682 million (US$ 30 million).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
key assumptions used to calculate the recoverable amount considered: i) the reprogramming of drilling and workover activities and ii)
a 12.4% after-tax WACC rate.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
it is important to highlight that as of December 31, 2022 and 2021, the book value of the Oil and gas segment assets, including the goodwill
assigned to the segment, does not exceed its recoverable value.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 132 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U></B>: (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.2</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Intangible
                                            assets</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/50% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Original values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 30%">Type of good</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">At the beginning</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Increase</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Increases
    for <BR>
    incorporation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Decrease</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Impairment
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Traslation effect</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 9%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">At the end</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Concession agreements</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">258</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">186</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">444</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Goodwill</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,555</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,576</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,131</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">717</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15,366</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,752</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17,835</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Digital assets</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,616</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,128)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(780)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">464</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,172</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2022</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,530</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,616</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">15,366</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(2,128)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(780)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,978</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">25,582</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2021</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">5,107</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">359</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(370)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(1,589)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,023</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">4,530</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Amortization</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">Type of good</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">At the beginning</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white">For the year</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white">Impairment
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white">Traslation effect</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">At the end</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Concession agreements</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(234)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(173)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(418)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(340)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(177)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(283)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(800)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2022</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(574)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(188)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(456)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,218)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2021</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(1,652)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(70)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">1,417</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(269)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(574)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Net book values</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Type of good</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At 12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At 12.31.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Concession agreements</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">26</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Goodwill</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,131</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,035</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">377</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Digital assets</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,172</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2022</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">24,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">3,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">See
                                            Notes 5.1.3 and 5.1.5.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">As
                                            of December 31, 2022, digital assets recoverability was affected by their closing market
                                            value, resulted in the recognition of impairment losses for $ 780 million (US$ 6 million).
                                            Considering the assumptions detailed in Note 11.1, the assessment of recoverability for the
                                            Power Generation segment, resulted in the recognition of impairment losses for the Diamante
                                            hydroelectric power plant in an amount of $ 172 million (US$ 2 million) in 2021.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 133 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.3</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred tax
                                            assets and liabilities</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The composition
of the deferred tax assets and liabilities is as follows:</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 37%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 10%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Profit (loss)</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Traslation effect</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Increases for incorporation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 10%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Tax loss carryforwards</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,307</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">393</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,594</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,294</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,299</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">7,245</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,221</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">26,765</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Intangible assets</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(2)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">284</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(297)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">471</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(126)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">247</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">592</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Provisions</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,812</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">420</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,240</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,472</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">31</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(62)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">165</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">134</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Defined benefit plans</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">912</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(692)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,136</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,356</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Trade and other payables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">24</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(3)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">40</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Tax inflation adjustment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(4)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Other</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">32</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">94</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">69</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">195</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Deferred tax asset</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">17,180</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">6,966</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">18,691</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">13</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">42,850</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(17)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1,891)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(12,113)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14,021)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Intangible assets</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,347)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(2)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(980)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,880)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6,209)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Investments in companies</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,124)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">584</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(792)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1,332)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Inventories</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,009)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1,139)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,133)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,281)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,428)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1,319)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">29</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(2,718)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,154)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">849</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,684)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">61</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,928)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Taxes payables</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(322)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">175</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(175)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(322)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Tax inflation adjustment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(104)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(20,110)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,234)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,119)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(24,567)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom">Deferred tax liability</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(8,505)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(22,853)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(6,969)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(18,051)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(56,378)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Deferred tax (liability) asset</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">8,675</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(15,887)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">11,722</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(18,038)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(13,528)</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See
                                            Notes 5.1.3 and 5.1.5.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 134 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 41%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 4%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 12%">12.31.2020</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Profit (loss)
    <FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Traslation effect</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 12%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Tax loss carryforwards</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,609</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(10,608)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,306</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,307</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,863</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">436</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,299</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Intangible assets</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">260</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(256)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">284</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">284</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">519</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(153)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">105</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">471</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Provisions</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,373</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,693</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">746</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,812</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">270</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(281)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">31</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Defined benefit plans</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">442</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">260</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">210</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">912</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Trade and other payables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">217</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(233)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">40</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">24</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Tax inflation adjustment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">288</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(294)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Other</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">109</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(81)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">32</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Deferred tax asset</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">15,089</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(808)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,899</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">17,180</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,291)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,274</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(17)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Intangible assets</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(917)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(237)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(193)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,347)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Investments in companies</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,155)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,362</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(331)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1,124)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Inventories</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(478)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(386)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(145)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,009)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(340)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(999)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(89)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1,428)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(559)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,256)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(339)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,154)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Taxes payables</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(229)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(50)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(43)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(322)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Tax inflation adjustment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(131)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(104)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom">Deferred tax liability</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(6,100)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,265)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,140)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(8,505)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Deferred tax asset</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">8,989</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(2,073)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,759</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">8,675</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B><SUP>(1)
</SUP></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; ">Includes $1,229 million
corresponding to discontinued operations.</FONT></P>

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
tax assets and liabilities are offset in the following cases: a) when there is a legally enforceable right to offset tax assets and liabilities;
and b) when deferred income tax charges are associated with the same fiscal authority. The following table shows the figures disclosed
on the Consolidated Statement of Financial Position, which for its determination, were adequately compensated:</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">12.31.2022</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">12.31.2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deferred tax asset</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">6,326</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">8,675</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deferred tax liability</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(19,854)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred tax (liability) asset</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(13,528)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">8,675</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 135 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.4</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Inventories</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; background-color: white; width: 56%"><U></U></TD>
    <TD STYLE="text-decoration: underline; vertical-align: top; background-color: white; width: 6%"><U></U></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Materials and spare parts</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18,489</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,972</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Advances to suppliers</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,458</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">798</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">In process and finished products</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,777</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,118</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">30,724</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">15,888</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 100%"><FONT STYLE="font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(1)
    </SUP></FONT><FONT STYLE="font-style: normal; font-weight: normal">It includes impairment loss as a result of the performed recoverability
    assessment for $ 463 million (US$ 2 million) and $ 160 million (US$ 2 million) as of December 31, 2022 and 2021, acoording with the
    policy described in Note 4.13.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.5</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Provisions</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: left">Non-Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Contingencies</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19,031</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,859</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Asset retirement obligation and wind turbines decommisioning</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,453</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,007</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Environmental remediation</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,578</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,485</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Other provisions</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">93</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Total non-current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">26,062</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">14,444</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Contingencies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Asset retirement obligation and wind turbines decommisioning</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">400</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">210</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Environmental remediation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">357</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">320</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other provisions</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Total current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">779</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">560</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 136 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/50% Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The evolution
of the provisions is set out below:</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 47%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Contingencies</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">Asset retirement obligation and wind turbines decommisioning</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>At the beginning of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,887</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,217</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,805</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">697</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">898</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">95</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases for incorporation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">177</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Decreases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(179)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(21)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(111)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,708</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,736</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,248</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Reversal of unused amounts</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(66)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(154)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(102)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">At the end of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">19,047</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,853</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,935</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See
                                            Note 5.1.3.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 47%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Contingencies</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">Asset retirement obligation and decommisioning&nbsp;&nbsp;of wind turbines</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>At the beginning of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8,660</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,798</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">216</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,615</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">345</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,437</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Decreases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(35)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(105)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(38)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,845</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">412</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">201</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Reversal of unused amounts <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1,198)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(233)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(11)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">At the end of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,887</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,217</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,805</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Includes
                                            recovery of US$ 12.5 million related to waive the timely granted dispatch of Las Armas Wind
                                            Farm (see Note 2.1.2.3).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/50% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 137 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 47%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Contingencies</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">Asset retirement obligation and wind turbines decommisioning</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">At the beginning of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">8,379</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,327</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">139</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,650</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">150</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">37</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Decreases</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(126)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(11)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Exchange differences on translation</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,232</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">564</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">53</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Reversal of unused amounts</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(686)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(243)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Reclassified to liabilities associated to assets classified as held for sale</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,789)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">At the end of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">8,660</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,798</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">216</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Provision
                                            for Environmental remediation</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company is subject to extensive environmental regulations in Argentina. The Company&#8217;s management believes that its current operations
are in compliance with applicable environmental requirements, as currently interpreted and enforced, including regulatory remediation
commitments assumed. The Company undertakes environmental impact studies for new projects and investments and, to date, environmental
requirements and restrictions imposed on these new projects have not had any material adverse impact on Pampa&#8217;s business.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
particular, the Province of La Pampa has submitted a claim to the Company regarding the abandonment of certain wells and the execution
of certain tasks associated with the relinquishment of the Jag&uuml;el de los Machos and Medanito blocks, which took place in 2015 and
2016, respectively. The Company has challenged the different administrative acts passed by the provincial authorities (including a governor&#8217;s
executive order) and is addressing claims for the Jag&uuml;el de los Machos block in the judicial jurisdiction. Even though the province
answered the complaint in the month of March 2021, the Company has started formal negotiations to resolve the dispute, agreeing on the
suspension of procedural time limits. During 2021, regarding these claims and based on the progress of the ongoing negotiations, the
Company recorded provisions for the estimate of remediation work costs to be incurred in these blocks.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company has performed a sensitivity analysis relating to the discount rate. The 1% increase or decrease in the discount rate would not
have a significant impact on the Company&#8217;s results of operations.</FONT></P>


<!-- Field: Page; Sequence: 138 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Asset
                                            retirement obligations and wind turbines decommissioning</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the regulations in force in Argentina, where it develops its oil and gas exploration and production operations, the Company is under
an obligation to incur costs associated with the plugging and abandonment of wells. Furthermore, pursuant to the associated usufruct
agreements, the Company is under an obligation to decommission wind turbines in wind farms. The Company does not have legally restricted
assets for the cancellation of these obligations.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company has performed a sensitivity analysis relating to the discount rate. The 1% increase or decrease in the discount rate would not
have a significant impact on the Company&#8217;s results of operations.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.5.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Provision
                                            for legal proceedings</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company (directly or indirectly through subsidiaries) is a party to several civil, commercial, contentious-administrative, tax, custom
and labor proceedings and claims that arise in the ordinary course of its business. In determining a proper level of provision, the Company
has considered its best estimate mainly with the assistance of legal and tax advisors.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
determination of estimates may change in the future due to new developments or unknown facts at the time of evaluation of the provision.
As a consequence, the adverse resolution of the evaluated proceedings and claims could exceed the established provision.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the Company has recorded provisions for $ 18,109 million (US$ 102 million) in relation to the following processes:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#9;There
are a significant number of files pending before the National Tax Court regarding gasoline exports, where the tax entity challenges the
tariff heading assigned by Petrobras in 2008-2014. The Treasury&#8217;s position involves a higher export duty rate.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&#9;Petrobras
Operaciones S.A. (&#8220;POSA&#8221;) has filed an international arbitration claim against the Company before the International Chamber
of Commerce (&#8220;ICC&#8221;) on account of alleged breaches to the Assignment Agreement entered into between Petrobras Argentina S.A.
(currently Pampa) and POSA in 2016 for the transfer of a 33.6% interest in the &#8220;R&iacute;o Neuqu&eacute;n&#8221; Concession. The
breaches alleged by POSA in its arbitration claim consist of the failure to transfer certain assets associated with the assigned interest,
and differences in the calculation of adjustments in the assignment price. The arbitration is conducted according to the ICC Rules of
Arbitration, the applicable law is the one of the Republic of Argentina, and the seat of arbitration is Buenos Aires, Argentina. On April
30, 2021, POSA filed its claim memorial, and on September 15, 2021, the Company submitted its answer to the claim memorial and counterclaim.
On December 15, 2021, POSA submitted its answer to the counterclaim. As of the date of issuance of these Consolidated Financial Statements,
the proceeding pursues according the schedule decided by the parties.</FONT></P>


<!-- Field: Page; Sequence: 139 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->131<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-
The Company filed an international arbitration claim against Petrobras International Braspetro B.V. (&#8220;PIB BV&#8221;) on account
of fraudulent representations and omissions associated with certain export transactions under the share purchase agreement executed on
May 13, 2016, whereby the Company acquired 67.2% of Petrobras Argentina S.A.&#8217;s capital stock. The arbitration is held under the
ICC Arbitration Rules; the applicable law is the one of the State of New York, and the seat of arbitration is New York. On April 29,
2021, the Company filed its claim memorial and PIB BV submitted its counter-memorial and counterclaim seeking the payment of a percentage
over the difference between the amount estimated for certain contingencies detected in the purchase process and the amount actually paid
for them. On July 7, 2021, the Company and PIB BV submitted their respective answers. On November 5, 2021, the Company and PIB BV submitted
their replications, and on December 20, 2021, their rejoinders to the complaints. As of the date of issuance of these Consolidated Financial
Statements, the proceeding pursues according the schedule decided by the parties.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
the Company has recorded provisions for civil, commercial, administrative, labor, tax and customs complaints brought against the Company
corresponding to atomized claims with individual unsubstantial amounts, as well as charges for judicial costs and expenses which, as
of December 31, 2022, amount to $ 938 million (US$ 5 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.85pt"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 25.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.6</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Income
                                            tax and minimum notional income tax liability</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left; background-color: white">Non-current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax, net of witholdings</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28,568</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16,163</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Minimum notional income tax</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,160</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,124</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">31,728</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">19,287</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left; background-color: white">Current</TD>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white"><U></U></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax, net of witholdings and advances</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">927</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,098</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">927</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,098</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 140 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->132<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Income
tax liability</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
cumulative CPI variation over the 36 months prior to December 31, 2022 and 2021 has exceeded the 100% condition established by Law No.
27,430; therefore, the effect of the tax inflation adjustment has been accrued in the calculation of the current and deferred income
tax provision. Likewise, as of December 31, 2020, the cumulative variation in the CPI has exceeded the 15% condition set for the third
transition year pursuant to Law No. 27,430 and, therefore, the effect of the tax inflation adjustment has been accrued in the calculation
of the current and deferred income tax provision, except in the cases where, on account of being irregular fiscal years, the mentioned
legal parameter has not been exceeded for each of the annual periods.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
tax inflation adjustment mechanism set out in Title VI and different supplementary sections of the Income Tax Law is inconsistent in
certain aspects generating a confiscatory lien, including, but not limited to, the failure to update tax losses and the cost of acquisitions
or investments made before January 1, 2018, which bears resemblance with the parameters in re &#8220;Candy S.A.&#8221;, where the CSJN
ordered the application of the inflation adjustment mechanism.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the Company and its subsidiaries hold a provision for the additional income tax liabilities which should have been
assessed for the reasons mentioned above. The provision for the period, including compensatory interest, is disclosed under &#8220;Non-current
Income tax and minimum notional income tax provision&#8221;.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Minimum
Notional Income Tax liability</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company and its subsidiaries have filed a petition for declaratory relief under Sect. 322 of the Federal Code of Civil and Commercial
Procedure to gain assurance as to the application of the minimum notional income tax for the fiscal years 2011-2018 based on CSJN&#8217;s
decision in re &#8220;Hermitage&#8221; passed on June 15, 2010. In this established precedent, the CSJN declared the unconstitutionality
of this tax on the grounds that it is unreasonable and it breaches the taxpaying capacity principle when the absence of taxable income
in the period evidences that the income presumed by the legislator has not existed.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">However,
on August 26, 2021, the CSJN dismissed the tax refund claim lodged by the Company for the 2008 and 2009 periods alleging that, despite
the evidenced tax losses, the existence of accounting profits is a manifestation of the taxpaying capacity and, therefore, the precepts
of the Hermitage precedent are not met.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Considering
the CSJN&#8217;s current position, the Company and its subsidiaries have recorded, for periods presenting tax losses and accounting profits,
liabilities on the amount of the applicable interest on the Notional Income Tax, plus the determined tax provision for those cases in
which Minimum Notional Income Tax is not considered to be computable as an Income Tax advance payment. This liability is disclosed under
&#8220;Non-Current Income tax and minimum notional income tax provision&#8221;.</FONT></P>


<!-- Field: Page; Sequence: 141 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->133<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.7</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tax liabilities</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Current</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Value added tax</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">847</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">400</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Personal assets tax provision&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">700</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">249</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payment plans</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Tax withholdings to be deposited</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">817</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">569</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Royalties</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,163</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">883</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">439</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">197</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,966</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2,314</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.8</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Defined benefits
                                            plans</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
main characteristics of benefit plans granted to Company employees are detailed below:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Pension
                                            and retirement benefits</U>: Benefit plan whereby Company employees, in some cases covered
                                            by certain collective bargaining agreements, meeting certain conditions are eligible to receive
                                            upon retirement, and in some cases, disability or death, a certain number of salaries according
                                            to the provisions of the plan or collective bargain agreement, if applicable.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Compensatory
                                            plan:</U> Benefit plan whereby some of the Company employees meeting certain conditions are
                                            eligible to receive upon retirement a certain amount according to the provisions of the plan
                                            (based on the last computable salary and the number of years working for the Company) after
                                            deducting the benefits from the pension system. The plan, until 2003, called for a contribution
                                            to a fund exclusively by the Company and without any contribution by the employees. These
                                            contributions were derived to a trust fund and were invested in U.S. dollar-denominated money
                                            market instruments in order to preserve the accumulated capital and obtain a return in line
                                            with a moderate risk profile. Funds were mainly invested in U.S. government bonds, commercial
                                            papers rated A1 or P1, AAAm- rated mutual funds and time deposits in banks rated A+ or higher
                                            in the United States of America, in accordance with the Trust Agreement dated on March 27,
                                            2002 entered with The Bank of New York Mellon, duly amended by the Permitted Investment Letter
                                            dated on September 14, 2006. The Bank of New York Mellon is the trustee and Willis Towers
                                            Watson is the managing agent. In case there is an excess, duly certified by an independent
                                            actuary, of the funds to be used to settle the benefits granted by the plan, the Company
                                            will be entitled to choose to use it, in which case it may have to notify the trustee thereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 21.3pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 21.3pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 142 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->134<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 21.3pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 21.3pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, 2021 and 2020, the most relevant actuarial information corresponding to the described benefit plans is the following:</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Present value of obligation</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Present value of assets</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 16%">Net liability at the end of the year</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">At the beginning of the year</TD>
    <TD STYLE="text-align: right">3,390</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(456)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,934</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in profit or loss&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; background-color: white">Current services cost</TD>
    <TD STYLE="text-align: right">106</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">106</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; background-color: white">Interest cost</TD>
    <TD STYLE="text-align: right">1,953</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(281)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,672</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in Other comprehensive<BR>
&nbsp;income</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; background-color: white">Actuarial losses</TD>
    <TD STYLE="text-align: right">1,657</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(59)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,598</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Benefit payments</TD>
    <TD STYLE="text-align: right">(381)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(381)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">At the end of the year</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6,725</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(796)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,929</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Present value of obligation</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Present value of assets</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Net liability at the end of the year</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">At the beginning of the year</TD>
    <TD STYLE="text-align: right">2,132</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(374)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,758</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in profit or loss&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; background-color: white">Current services cost</TD>
    <TD STYLE="text-align: right">75</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">75</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; background-color: white">Interest cost</TD>
    <TD STYLE="text-align: right">1,283</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(242)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,041</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in Other comprehensive<BR>
&nbsp;income</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; background-color: white">Actuarial losses</TD>
    <TD STYLE="text-align: right">99</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">160</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">259</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Benefit payments</TD>
    <TD STYLE="text-align: right">(199)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(199)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">At the end of the year</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,390</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(456)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,934</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 143 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->135<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Present value of obligation</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Present value of assets</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Net liability at the end of the year</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>At the beginning of the year</TD>
    <TD STYLE="text-align: right">2,100</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(264)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,836</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in profit or loss&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 24px; text-align: left">Current services cost</TD>
    <TD STYLE="text-align: right">221</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">221</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 24px; text-align: left">Interest cost</TD>
    <TD STYLE="text-align: right">1,144</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(152)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">992</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in Other comprehensive<BR>
&nbsp;income</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 24px; text-align: left">Actuarial (gains) losses</TD>
    <TD STYLE="text-align: right">(267)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">42</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(225)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Benefit payments</TD>
    <TD STYLE="text-align: right">(134)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(134)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Reclassified to liabilities associated to assets classified as held for sale</TD>
    <TD STYLE="text-align: right">(833)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(833)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Gain on monetary position, net</TD>
    <TD STYLE="text-align: right; background-color: white">(99)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(99)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">At the end of the year</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,132</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(374)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,758</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, 2021 and 2020, the breakdown of net liabilities per type of plan is as follows: a) $ 2,998 million, $ 1,528 million
and $ 973 million correspond to the Pension and Retirement Benefits Plan and b) $ 2,931 million, $ 1,406 million and $ 785 million correspond
to the Compensatory Plan, respectively.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Estimated
expected benefits payments for the next ten years are shown below. The amounts in the table represent the undiscounted cash flows and
therefore do not reconcile to the obligations recorded at the end of the year.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 24px; font-weight: bold; text-align: left; width: 75%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 25%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Less than one year</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">One to two years</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">540</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Two to three years</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">636</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Three to four years</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">630</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Four to five years</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">498</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Six to ten years</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,504</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 144 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->136<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Significant
actuarial assumptions used were as follows:</FONT></P>

<P STYLE="font: 9pt/116% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/116% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 16%">12.31.2022</TD>
    <TD STYLE="vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 16%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 16%">12.31.2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Real discount rate</TD>
    <TD STYLE="text-align: center">5%</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">5%</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">5%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Real wage increase rate</TD>
    <TD STYLE="text-align: center">1%</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">1%</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">1%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Inflation rate</TD>
    <TD STYLE="text-align: center">118%</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">54%</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">50%</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/116% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following sensitivity analysis shows the effect of a variation in the discount rate and salaries increase on the obligation amount:</FONT></P>

<P STYLE="font: 9pt/116% Sans-Serif; margin: 0; color: Red">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 75%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 25%">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Discount rate: 4%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Obligation</TD>
    <TD STYLE="text-align: right">7,280</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Variation</TD>
    <TD STYLE="text-align: right">555</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Discount rate: 6%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Obligation</TD>
    <TD STYLE="text-align: right">6,248</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Variation</TD>
    <TD STYLE="text-align: right">(477)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(8%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Real wage increase rate: 0%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Obligation</TD>
    <TD STYLE="text-align: right">6,512</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Variation</TD>
    <TD STYLE="text-align: right">(213)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(4%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Real wage increase rate: 2%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Obligation</TD>
    <TD STYLE="text-align: right">6,968</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Variation</TD>
    <TD STYLE="text-align: right">243</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4%</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/116% Sans-Serif; margin: 0; color: Red"></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely
to occur, and changes in some of the assumptions may be correlated. Therefore, the presented analysis may not be representative of the
actual change in the defined benefit obligation. The methods and types of assumptions used in preparing the sensitivity analysis did
not change compared to the prior period.</FONT></P>


<!-- Field: Page; Sequence: 145 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->137<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
11</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.9</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Salaries and
                                            social security payable</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left; background-color: white">Current</TD>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white"><U></U></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Salaries and social security contributions</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">860</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">452</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Provision for vacations</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,500</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">746</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Provision for gratifications and annual bonus for efficiency</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,267</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,678</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,627</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2,876</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
12</U>: FINANCIAL ASSETS AND LIABILITIES</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.1&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial assets
                                            at amortized cost</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle">Non-current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Term deposit</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,823</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,311</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Notes receivable</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">177</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">510</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">18,000</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,821</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; background-color: white">Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Notes receivable</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,357</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">537</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,357</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">537</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 146 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->138<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
12</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.2&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial assets
                                            at fair value through profit and loss</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle">Non-current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Shares</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,867</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,998</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,867</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2,998</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle">Current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Government securities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36,281</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28,464</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">33,600</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,990</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Shares</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28,422</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12,363</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,553</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,209</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">103,856</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">47,026</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.3&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade and other
                                            receivables</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: left; background-color: white; width: 56%"><U>&nbsp;</U></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Note</TD>
    <TD STYLE="text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2022</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Non-Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Trade receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">12</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Non-Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,098</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,394</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Tax credits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">285</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">922</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">55</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,403</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,372</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">3,415</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">3,379</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 147 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->139<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
12</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 6%">Note</TD>
    <TD STYLE="vertical-align: top; text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2022</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2021</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Receivables from MAT sales</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,689</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,429</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">CAMMESA</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">29,315</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,180</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Receivables from oil and gas sales&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,788</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,120</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Receivables from petrochemicals sales</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,931</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,280</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">848</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">786</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">496</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">373</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,039)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(963)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Trade receivables, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">54,028</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">26,205</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center"></TD>
    <TD STYLE="vertical-align: top; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">12.31.2022</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,183</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">830</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Tax credits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,555</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">503</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Receivables for complementary activities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">57</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">160</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,525</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,066</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Financial credit</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,044</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Guarantee deposits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,870</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,054</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Insurance to be recovered</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">53</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">78</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Expenses to be recovered</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,611</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,247</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Receivables for acquisition of subsidiary</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,182</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Receivables for sale of subsidiary and associates</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">719</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,213</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Receivables for financial instruments sale</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">150</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">566</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Argentine Natural Gas Production Promotion Plan</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,721</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,479</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Receivables for arbitration award</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">15.6</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,621</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,091</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">459</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Allowance for doubtful other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(38)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(12)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Other receivables, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">29,300</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">14,687</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">83,328</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">40,892</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Due to the
short-term nature of trade and other receivables, its book value is not considered to differ from its fair value. For non-current trade
and other receivables, fair values do not significantly differ from book values.</FONT></P>

<P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 148 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->140<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
12</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
movements in the impairment of trade receivables were as follows:</FONT></P>

<P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: left; background-color: white; width: 48%"><U></U></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2022</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">963</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,352</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,126</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Impairment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">230</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">91</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,115</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Utilization</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(166)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(615)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Reversal of unused amounts</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(50)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(546)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(169)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">62</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">66</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">126</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Gain on monetary position, net</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(900)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Reclasified to assets classified as held for sale</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6,331)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">At the end of the year</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,039</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">963</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,352</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">It
                                            includes $ 4,173 million corresponding to discontinued operations for fiscal year 2020. As
                                            of December 31, 2020, it includes $ 888 million (US$ 13 million) corresponding to the receivable
                                            impairment related to the exchange difference between the price of gas purchased by distributors
                                            and the price of gas recognised in distributors&acute;s final tariffs between April 2018
                                            and March 2019 to be assumed by the Federal Government in accordance to PEN Executive Order
                                            No. 1,053/18 (see Note 15).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
movements in the impairment of other financial assets were as follows:</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: left; background-color: white; width: 48%"><U></U></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: white; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2022</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">310</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Impairment&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">144</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Reversal of unused amounts</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(21)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(469)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">104</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Gain on monetary position, net</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Reclasified to assets classified as held for sale</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(77)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">At the end of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">38</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">12</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">14</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.4&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash and cash
                                            equivalents</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; background-color: white; width: 58%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">31.12.2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">31.12.2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Caja</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Bancos</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,958</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,618</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Fondos comunes de inversi&oacute;n</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16,771</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,649</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total</TD>
    <TD STYLE="vertical-align: top; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">18,757</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">11,283</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 149 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->141<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
12</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Borrowings</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2022</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Non-Current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Financial borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">19,088</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">5,968</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">218,349</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">133,662</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">237,437</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">139,630</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Bank overdrafts</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">10,514</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,156</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Financial borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">8,970</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">3,033</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">28,845</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">3,976</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">48,329</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">8,165</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">285,766</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">147,795</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022 and 2021, the fair values of the Company&#8217;s CB amount approximately to $ 254,302 million and $ 126,645 million,
respectively. Such values were calculated on the basis of the determined market price of the Company&#8217;s corporate notes at the end
of each year (fair value level 1).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
carrying amounts of short-term borrowings and bank overdrafts approximate their fair value due to their short-term maturity.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
long-term borrowings were measured at amortized cost, which does not differ significantly from its fair value.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the date of issuance of these Consolidated Financial Statements, the Company is in compliance with the covenants established in its
indebtedness contracts.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 150 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->142<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
12</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5.1.
Movements in borrowings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 49%">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2022</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2021</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">At the beginning of the year</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">147,795</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">135,805</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">116,603</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Proceeds from borrowings</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42,148</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">18,929</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">25,253</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Payment of borrowings</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(19,266)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(32,749)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(25,062)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Accrued interest</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">23,562</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">12,911</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">12,761</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Payment of interests</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(21,633)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(13,002)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(13,353)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Repurchase and redemption of corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,621)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(313)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(6,747)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Result from exchange of corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,997</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Result from repurchase of corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(670)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(2,947)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Increases for incorporation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,984</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Cancellation through dividend compensation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(840)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Gain on monetary position, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">376</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Foreign currency exchange difference, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(12,556)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1,797)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(776)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Borrowing costs capitalized in property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,672</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">633</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Exchange differences on translation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">114,354</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">28,011</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">38,308</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Reclassified to liabilities associated to assets classified as held for sale</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(8,404)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">At the end of the year</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">285,766</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">147,795</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">135,805</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">See
                                            Notes 5.1.3 and 5.1.5.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 151 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->143<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
12</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5.2
<U>Details of borrowings:</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 27%">Type of instrument</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 9%">Company</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 6%">Currency</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 9%">Residual value</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 10%">Interest</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 13%">Rate</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 10%">Expiration</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 9%">Book value as of 12.31.2022</TD></TR>
  <TR STYLE="vertical-align: middle">
    <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>
    <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; 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>
    <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>
    <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">
    <TD STYLE="font-weight: bold; text-align: left"><U>Corporate bonds</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></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>
    <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>
    <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>
    <TD STYLE="vertical-align: middle; background-color: white">T Series CB</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">93</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">7.38%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Jul-23</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16,743</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 8 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,107</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Badlar + 2%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Jul-23</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,549</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 11 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">21,655</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Badlar + 0%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Jan-24</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">24,737</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 9 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">102</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">9.50%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Dec-26</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">32,671</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 1 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">501</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">7.50%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Jan-27</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">109,127</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 13 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">49</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">0.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Dec-27</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,582</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 3 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">285</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">9.13%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Apr-29</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">51,785</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">247,194</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold;  vertical-align: middle; text-align: left"><U>Financial loans</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 700"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Libor + 4.21%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Nov-24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2,760</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">GW</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">83</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Libor + 5.75%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Sep-26</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">14,919</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">17,679</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold;  background-color: white"><U>Other financial loans</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 700"><SUP>(3)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">SOFR + 0.35%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Jul-23</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,123</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">PAMPA</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">US$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">Fixed</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">Between 9.50% and 14.50%</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Between Jan-23 and May-23</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,391</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">SOFR + 0%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Agu-24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,865</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&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: middle; text-align: center">&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; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">10,379</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold;  vertical-align: middle; text-align: left; background-color: white"><U>Bank overdrafts</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 700"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,065</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Between 54% and 54.50%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Jan-23</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,514</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">285,766</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net
                                            of the following face value repurchases: US$ 113.7 million of ON 2026, US$ 146.2 million of
                                            ON 2027 and US$ 7.5 million of ON 2029.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">During
                                            the the fiscal year ended December 31, 2022, the Company took on new short-term financing
                                            with domestic financial entities, net of cancellations, for a total $ 8,618 million and import
                                            prefinancing for US$ 7.6 million. Additionally, the Company repaid at maturity two principal
                                            installments for the credit facility sponsored by FINNVERA in the amount of US$ 7.7 million
                                            and US$ 10.4 million corresponding to the credit facility subscribed between IDB Invest and
                                            Greenwind, a Company that is consolidated since acquisition of an additional 50% interest
                                            in August 2022. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">During
                                            the fiscal year ended December 31, 2022, the Company received disbursements in the amount
                                            of US$ 1.3 million under the credit facilities taken out with BNP Paribas S.A. in 2020. After
                                            the fiscal year closing, the Company repaid short-term bank loans with local financial entities
                                            for $ 10,065 million and import prefinancing for US$ 0.7 million.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 152 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->144<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
12</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 27%">Type of instrument</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 9%">Company</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 6%">Currency</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 9%">Residual value</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 10%">Interest</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 13%">Rate</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 10%">Expiration</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 9%">Book value as of 12.31.2021</TD></TR>
  <TR STYLE="vertical-align: middle">
    <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>
    <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; 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>
    <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>
    <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">
    <TD STYLE="font-weight: bold;  text-align: left"><U>Corporate bonds</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></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>
    <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>
    <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>
    <TD STYLE="vertical-align: bottom; background-color: white">T Series CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">389</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">7.38%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;Jul-23</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">41,099</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Class 1 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">636</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">7.50%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Jan-27</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">66,575</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Class 3 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">293</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">9.13%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Apr-29</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">29,964</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">137,638</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold;  vertical-align: middle; text-align: left"><U>Financial loans</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 700"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">23</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Libor + 4.21%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">May-24</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2,389</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,389</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold;  background-color: white"><U>Other financial loans</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 700"><SUP>(3)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Libor + 0.35%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Jul-22</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,228</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">43</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Libor + 0%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Ago-23</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,384</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&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: middle; text-align: center">&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; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">6,612</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: middle; text-align: left; background-color: white">Bank overdrafts</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,156</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">33%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Ene-22</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,156</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">147,795</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net
                                            of the following face value repurchases: US$ 110,4 million of ON 2023, US$ 114,0 million
                                            of ON 2027 and US$ 7,5 million of ON 2029.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
September 27, 2021, the Company repaid at maturity Class 6 CBs for $ 6,355 million.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">During
                                            the fiscal year ended December 31, 2021, the Company canceled short-term financing with local
                                            financial entities, net of borrowings, for $ 8,158&nbsp;million. Additionally, the Company
                                            repaid at maturity two principal installments for the credit facility sponsored by FINNVERA
                                            in the amount of US$&nbsp;7.7 million.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(3)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">During
                                            the fiscal year ended December 31, 2021, the Company received disbursements in the amount
                                            of US$ 27 million under the credit facilities taken out with BNP in 2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -10.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 153 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->145<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
12</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5.3
<U>New Global Program of CB</U></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
September 30, 2021, the Company&#8217;s General Ordinary and Extraordinary Shareholders&#8217; Meeting resolved to approve the creation
of a new global corporate bonds program for an amount of up to US$ 2,000 million or its equivalent in other currencies or units of value,
in the form of simple corporate bonds non-convertible into shares and/or corporate bonds convertible into shares, to renew the program
expired on December 29, 2021. The public offering was authorized by the CNV on December 9, 2021.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5.4
<U>Issuance of CB Class 8</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
January 18, 2022, the Company issued Class 8 CB in the amount of $ 3,107 million at a Badlar rate + 2%, maturing in 18&nbsp;months. This
is the first green bond issued by Pampa, which reflects the commitment to finance projects with a positive impact on the environment
and to diversify the country&#8217;s energy generation matrix. The issue was recognised by Fix Ratings, an affiliate of Fitch Ratings,
with the rating of Green Bond (BV1), the best possible grade, since it is aligned with the four main components of ICMA&#8217;s (International
Capital Market Association) Green Bond Principles (GBP). It was issued in observance of the &#8220;Guidelines for the Issuance of Social,
Green and Sustainable Bonds in Argentina&#8221; of the CNV Rules and the provisions of BYMA&#8217;s Social, Green and Sustainable Guide
and the BYMA Rules, and also makes up BYMA&#8217;s Social, Green and Sustainable Bonds Panel.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company will allocate the issue&#8217;s proceeds to finance the expansion of PEPE IV (see Note 18.1).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5.5
<U>Issuance of Class 10, 11, 12, 13 and 15 CB</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
July 15, 2022, the Company issued Class 11 CB for $ 12,690 million, accruing interest at a variable BADLAR rate plus an annual 0% spread
and maturing on January 15, 2024. Class 10 and Class 12 CB were declared unawarded.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additionally,
on August 8, 2022 the Company reopened Class 11 CB for $ 8,963.9 million at an issuance price of 1.0305. The total face value of outstanding
Class 11 CB amounted to $ 21,654.6 million.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
on December 13, 2022, the Company issued Clase 13 US$-link CB for US$ 49.9 million at a fixed interest rate of 0% and maturing on December
2027.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">After
the closing of the fiscal year, on January 11, 2023, the Company issued Class 15 CB for $ 10,379 million accruing interest at a variable
BADLAR rate plus an annual 2% spread and maturing on July 11, 2024. Additionally, on March 2, 2023, the Company reopened Class 13 and
Class 15 CB for US$ 48.2 million and $ 7,885 million, respectively.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 154 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->146<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
12</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.5.6
<U>Series T CB Exchange Offer</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 16, 2022, the Company launched an exchange offer for holders of Series T CB maturing in 2023 originally issued by Petrobras Argentina
S.A. (currently merged with the la Company) dated July 21, 2016 for a face value of US$ 500 million, under its Global Program authorized
pursuant to CNV Resolution No. 17,162 dated August 15, 2013.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Once
the exchange offer expired on July 29, 2022, the information and exchange agent informed the Company that US$ 193.8 million and US$ 213.3
million, representing 38.8% and 42.7% of the Series T CB&#8217; outstanding principal, had been validly tendered for exchange under Option
A and Option B, respectively, totaling a US$ 407.1 million participation and representing approximately 81.4% of the outstanding Series
T CB&#8217; capital amount.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consequently,
on August 8, 2022, after meeting the conditions established in the exchange offer documents, Pampa issued Class 9 CB for a face value
of US$ 292.8 million, accruing interest at an annual fixed 9.5% rate and maturing on December 8, 2026, payable in three consecutive annual
installments starting in 2024, and paid US$ 122.1 million in cash. For each US$ 1,000 of Series T CB&#8217;s capital amount validly tendered
and accepted for exchange, eligible holders received, together with the payment of interest accrued on Series T CB up to the settlement
date: (i) Option A: approximately US$ 377.2 in Class 9 CB and US$ 630.2 in cash; and (ii) Option B: US$ 1,030 in Class 9 CB.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
a result of the debt swap, the Company disclosed losses for $ 1,997 million (US$ 14 million) under &#8220;Other financial results&#8221; to reflect the
change in the payment estimates discounted at Series T CB&#8217;s original effective interest rate, since they were not deemed substantially
different from the issuance conditions for Class 9 CB, in accordance with IFRS.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the date of issuance of these Consolidated Financial Statements, outstanding Series T CB amount to US$ 92.9 million.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 155 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->147<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
12:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.6&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade and other
                                            payables</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Note</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 18%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 18%">12.31.2021</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Non-Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Customer guarantees</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Trade payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 24px; text-decoration: underline; text-align: left"><U></U></TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Compensation agreements&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,769</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">379</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Finance leases liability</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,789</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">954</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">195</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,753</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,340</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">3,757</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">1,340</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Suppliers</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">35,109</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15,807</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Customer advances</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">644</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">396</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,506</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,524</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Trade payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">38,259</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">17,727</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Compensation agreements&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,085</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">136</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Liability for acquisition of companies</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8,144</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Finance leases liability</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">319</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">386</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Investment plan readjustment liability</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">807</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">117</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">312</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">11,472</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">834</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">49,731</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">18,561</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Due
to the short-term nature of the trade payables and other payables, their carrying amount is considered to be the same as their fair value.
<FONT STYLE="color: #222222">For most other non-current debts, fair values are also not significantly different from their book values.</FONT></FONT></P>


<!-- Field: Page; Sequence: 156 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->148<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
12:</U></B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 28pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.7</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial instruments
                                            by category</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table presents financial instruments by category:</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 35%">As of December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Financial assets/liabilities at amortized cost</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Financial assets/liabilities at fair value through profit and losss</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Subtotal financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Non financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Trade receivables and other receivables</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">77,458</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,823</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">81,281</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,461</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">86,742</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Financial assets at amortized cost</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 36px; text-align: left">Term deposit</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">17,823</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">17,823</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">17,823</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 36px; text-align: left">Notes receivable</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,534</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,534</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,534</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Financial assets at fair value through profit and loss</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 36px; text-align: left">Government securities&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">36,281</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">36,281</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">36,281</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 36px; text-align: left">Corporate bonds</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">33,600</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">33,600</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">33,600</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 36px; text-align: left">Shares</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">33,289</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">33,289</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">33,289</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 36px; text-align: left">Mutual funds</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,553</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,553</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,553</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Derivative financial instruments</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">161</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">161</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">161</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Cash and cash equivalents</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,986</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">16,771</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">18,757</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">18,757</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">98,801</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">129,478</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">228,279</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,461</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">233,740</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Liabilities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Trade and other liabilities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">52,844</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">52,844</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">644</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">53,488</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Borrowings</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">285,766</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">285,766</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">285,766</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Derivative financial instruments</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">318</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">318</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">318</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">338,610</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">318</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">338,928</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">644</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">339,572</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center">As of December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at amortized cost</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at fair value through profit and losss</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Subtotal financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Non financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Trade receivables and other receivables</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">38,672</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,047</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">41,719</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,552</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">44,271</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Financial assets at amortized cost</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 36px; text-align: left">Term deposit</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,311</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10,311</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10,311</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Notes receivable</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,047</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,047</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,047</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 36px; text-align: left">Government securities&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">28,464</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">28,464</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">28,464</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 36px; text-align: left">Corporate bonds</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,990</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,990</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,990</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 36px; text-align: left">Shares</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">15,361</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">15,361</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">15,361</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 36px; text-align: left">Mutual funds</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,209</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,209</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,209</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Derivative financial instruments</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">16</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">16</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Cash and cash equivalents</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,634</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">8,649</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">11,283</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">11,283</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">52,664</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">61,736</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">114,400</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,552</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">116,952</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Liabilities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Trade and other liabilities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">19,505</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">19,505</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">396</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">19,901</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Borrowings</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">147,795</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">147,795</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">147,795</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Derivative financial instruments</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">18</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">18</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">167,300</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">18</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">167,318</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">396</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">167,714</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
categories of financial instruments have been determined according to IFRS 9.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 157 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->149<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
12</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
income, expenses, gains and losses derived from each of the financial instrument categories are indicated below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; width: 35%">As of December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Financial assets/liabilities at amortized cost</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Financial assets/liabilities at fair value through profit and losss</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Subtotal financial assets/liabilities</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Non financial assets/liabilities</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Interest income</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">768</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">768</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">768</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Interest expenses</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(23,990)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(23,990)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(5,795)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(29,785)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Foreign currency exchange difference, net</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,389</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(12,729)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(9,340)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">20,738</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">11,398</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Changes in the fair value of financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,543</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,543</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,543</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Result from present value measurement</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(231)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(231)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,809)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,040)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other financial results</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1,455)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,455)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(591)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,046)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(21,519)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,814</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(16,705)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">12,543</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(4,162)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left">As of December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at amortized cost</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at fair value through profit and losss</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Subtotal financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Non financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Interest income</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">847</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">847</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">847</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Interest expenses</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(12,964)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(12,964)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,981)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(16,945)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Foreign currency exchange difference, net</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(2,562)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(687)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,249)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,399</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">150</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Changes in the fair value of financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,477)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,477)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,477)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from present value measurement</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">201</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">201</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(357)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(156)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other financial results</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(608)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(608)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(21)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(629)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(15,086)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(2,164)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(17,250)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(960)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(18,210)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left">As of December 31, 2020</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at amortized cost</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at fair value through profit and losss</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Subtotal financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Non financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Total</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Interest income</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">686</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">686</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">686</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Interest expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11,689)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11,689)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(407)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(12,096)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Foreign currency exchange difference, net</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(184)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(197)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,149</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">952</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Changes in the fair value of financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,489</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,489</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,489</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from present value measurement</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">466</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">466</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(322)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">144</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Other financial results</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,114</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,114</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,114</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(8,607)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,476</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(6,131)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">420</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(5,711)</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>


<!-- Field: Page; Sequence: 158 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->150<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE 12</U>:
</B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.8&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fair value
                                            of financial Instruments</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company classifies the fair value measurements of financial instruments using a fair value hierarchy, which reflects the relevance of
the variables used to perform those measurements. The fair value hierarchy has the following levels:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Level
                                            1: quoted prices (not adjusted) for identical assets or liabilities in active markets.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Level
                                            2: data different from the quoted prices included in Level 1 observable for the asset or
                                            liability, either directly (i.e. prices) or indirectly (i.e. derived from prices).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Level
                                            3: Asset or liability data based on information that cannot be observed in the market (i.e.,
                                            unobservable data).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table shows the Company&#8217;s financial assets and liabilities measured at fair value as of December 31, 2022 and 2021:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; background-color: white; width: 44%">As of December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 1</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 2</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 3</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Financial assets at fair value through <BR>
profit and losss</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Government securities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36,281</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36,281</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">33,600</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">33,600</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,553</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,553</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28,422</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,867</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">33,289</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16,771</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16,771</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">161</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">161</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Other receivables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,823</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,823</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">124,450</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">161</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,867</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">129,478</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom; background-color: white">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">318</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">318</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">318</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">318</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 159 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->151<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE 12</U>:
</B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/50% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><SUP></SUP></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; background-color: white; width: 44%">As of December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 13%">Level 1</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 13%">Level 2</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 13%">Level 3</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 13%">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Assets</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom; background-color: white">Financial assets at fair value through<BR>
&nbsp;profit and losss</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Government securities</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28,464</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28,464</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,990</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,990</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,209</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,209</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12,363</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,998</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15,361</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom; background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,649</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,649</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom; background-color: white">Other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,047</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,047</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total assets</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">58,722</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">16</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,998</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">61,736</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom; background-color: white">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">18</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">18</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><SUP></SUP></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
value of the financial instruments negotiated in active markets is based on the market quoted prices as of the date of these Consolidated
Financial Statements. A market is considered active when the quoted prices are regularly available through a stock exchange, broker,
sector-specific institution or regulatory body, and those prices reflect regular and current market transactions between parties that
act in conditions of mutual independence. The market quotation price used for the financial assets held by the Company is the current
offer price. These instruments are included in Level 1.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
fair value of financial instruments that are not negotiated in active markets is determined using valuation techniques. These valuation
techniques maximize the use of market observable information, when available, and rely as little as possible on specific estimates of
the Company. If all significant variables to establish the fair value of a financial instrument can be observed, the instrument is included
in Level 2.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
one or more variables used to determine the fair value cannot be observed in the market, the financial instrument is included in Level
3.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
techniques used for the measurement of assets at fair value with changes in profit (loss), classified as Level 2 and 3, are detailed
below:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Derivative
                                            Financial Instruments: calculated from variations between market prices at the closing date
                                            of the year, and the amount at the time of the contract.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 160 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->152<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE 12</U>:
</B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shares:
                                            it was determined using the income-based approach through the &#8220;Indirect Cash Flow&#8221;
                                            method, that is, the net present value of expected future cash flows, mainly through the
                                            collection of dividends taking into consideration the direct equity interest of 2.84% and
                                            3.19%, and the additional equity interest of 2.18% and 2.46% through HIDISA and HINISA, in
                                            TJSM and TMB, respectively, resulting from the Federal Government&#8217;s restructuring of
                                            assets in the energy sector. This restructuring resulted in TMB&#8217;s and TJSM&#8217;s
                                            share transfer from the Federal Government to IEASA, considering 16.4% and 13.7% discount
                                            rate as of December, 31 2022 and 2021, respectively. The key assumptions were prepared based
                                            on estimates on the future behavior of certain sensitive variables, including: (i) the dividend
                                            distribution policy; (ii) reference prices for energy sold in the spot market; (iii) projections
                                            of the availability and dispatch of power plants; (iv) the evolution of structural costs
                                            and expenses; (v) macroeconomic variables such as inflation and exchange rates, etc. The
                                            Company recognised losses for $ 302 million (US$ 1.7 million) and earnings for $ 1,756 million
                                            (US$ 18 million) as a result of changes in the fair value of financial instruments classified
                                            as level 3, under the item &#8220;Other financial results&#8221; of the Consolidated Statement
                                            of Comprehensive Income, as of December, 31 2022 and 2021, respectively. Current values may
                                            substantially differ from projections, mainly on account of: i) the timeliness and magnitude
                                            of the distribution of dividends, ii) the timeliness and magnitude of energy price updates,
                                            and/or iii) the evolution of costs. The Company estimates that any sensitivity analysis that
                                            considers changes in any of the estimates taken individually may lead to distorting conclusions,
                                            generating an adverse effect on the Company&#8217;s results.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
13</U>: EQUITY COMPONENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share capital</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the share capital amounts to $ 1,384 million, including approximately $ 4 million treasury shares.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table shows the translation differences originated in the share capital and share capital adjustment account, to comply with
the CNV Rules:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 22%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 27%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt; width: 23%">Share capital</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 23%">Share capital adjustment</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">At the beginning of the year</TD>
    <TD STYLE="text-align: right">2,392</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">12,503</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">Variation of the year</TD>
    <TD STYLE="text-align: right">2,725</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">14,257</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold">At the end of the year</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,117</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">26,760</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt">Share capital</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Share capital adjustment</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">At the beginning of the year</TD>
    <TD STYLE="text-align: right">1,794</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">9,376</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">Variation of the year&nbsp;</TD>
    <TD STYLE="text-align: right">598</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,127</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold">At the end of the year</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,392</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">12,503</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>


<!-- Field: Page; Sequence: 161 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->153<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE 13</U>:
</B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Share
                                            buyback programs </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Taking
into consideration the market volatility and the persisting divergence between the Company&#8217;s share price and the economic reality
its assets currently or potentially have, which is detrimental to the interests of its shareholders, and considering the Company&#8217;s
history of strong cash position and fund availability, the Board of Directors has implemented several share buyback programs, considering
in each case that treasury shares may not exceed the 10% capital stock capitalization.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During
2021, the Company&#8217;s Board of Directors approved Programs 9 and 10 for a maximum amount of US$ 30 million each, under which shares
could be acquired up to a maximum price of US$ 16 and US$ 15.5 per ADR, respectively. The Company directly and indirectly acquired 2.7
million own ADRs for a value of US$ 38.7 million, and the repurchased shares canceled in full.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 1, 2021, the Company&#8217;s Board of Directors approved Program 11 for a maximum amount of US$ 30 million and an initial term
of 120 calendar days; under this Program, shares may be acquired up to a maximum price of US$ 19 per ADR and $ 167 per common share.
On March 10, 2022, the Board of Directors resolved to suspend Program 11, as the Company&#8217;s share and ADR prices exceeded the set
repurchase limit values.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 11, 2022, the Board of Directors resolved to approve Program 12 for a maximum amount of US$ 30 million, an initial term of 120 calendar
days, and a maximum price of US$ 22 per ADR and $ 194 per common share.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the issuance of these Consolidated Financial Statements, these programs have already expired.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During
2022, the Company indirectly acquired 0.9 million own ADRs for a value of US$ 18.2 million to an average price of US$ 20,3 per ADR.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Stock
                                            Compensation Plan</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During
fiscal year ended December 31, 2021, the Company delivered 0.5 million own shares as payments under the stock compensation plan for officers
and other key staff, respectively. In addition, the Company acquired 6 million own shares, out of which 2 million were allocated to the
compensation of senior managers. As of December, 31 2022 and 2021, 4 million remained in treasury to be delivered to employees under
such plan (see Note 4.17).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Capital
                                            reductions</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During
2021, the capital stock reduction approved by the Company&#8217;s General Ordinary and Extraordinary Shareholders&#8217; Meeting held
on April 29, 2021 and September 30, 2021, which provided for the cancellation of 56.6 million shares and 12.5 million shares, respectively.
These reductions are registered in the Public Registry.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
April 27, 2022, General Ordinary and Extraordinary Shareholders&#8217; Meeting resolved to reduce the Company&#8217;s capital stock by
canceling 2.8 million shares which took place during October 2022. This reduction was registered with the Public Registry on September
14, 2022.</FONT></P>


<!-- Field: Page; Sequence: 162 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->154<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE 13</U>:
</B>(Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.2&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Earnings per
                                            share</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Basic
earnings per share are calculated by dividing the result attributable to the Company&#8217;s equity interest holders by the weighted
average of outstanding common shares during the year. Diluted earnings per share are calculated by adjusting the weighted average of
outstanding common shares to reflect the conversion of all dilutive potential common shares.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Potential
common shares will be deemed dilutive only when their conversion into common shares may reduce the earnings per share or increase losses
per share of the continuing business. Potential common shares will be deemed anti-dilutive when their conversion into common shares may
result in an increase in the earnings per share or a decrease in the losses per share of the continuing operations.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
calculation of diluted earnings per share does not entail a conversion, the exercise or another issuance of shares which may have an
anti-dilutive effect on the losses per share, or where the option exercise price is higher than the average price of ordinary shares
during the period, no dilutive effect is recorded, being the diluted earnings per share equal to the basic. As of December 31, 2022,
2021 and 2020, the Company does not hold any significant potential dilutive shares, therefore there are no differences with the basic
earning per share.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 13%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Earning for continuing operations attributable to equity holders of the Company&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">64,859</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30,823</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,952</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Weighted average amount of outstanding shares</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,381</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,405</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,572</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Basic and diluted earnings per share from continued operations</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">46.97</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">21.94</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6.33</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 24px; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Loss for discontinued operations attributable to equity holders of the Company&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(3,726)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(41,399)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Weighted average amount of outstanding shares</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,381</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,405</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,572</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Basic and diluted loss per share from discontinued operations</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2.65)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(26.34)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Earning (Loss) attributable to equity holders of the Company&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">64,859</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,097</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(31,447)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Weighted average amount of outstanding shares</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,381</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,405</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,572</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Basic and diluted earning (loss) per share</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">46.97</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">19.29</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(20.00)</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red">&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B> </B></FONT></P>


<!-- Field: Page; Sequence: 163 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->155<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE 13</U>:
</B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.3&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Profit distributions</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividends
distributed to individuals, undivided estates or beneficiaries residing abroad, derived from profits generated during fiscal years beginning
on or January 1, 2018 are subject to a 7% withholding tax (see Note 2.6.1.2). The distribution of dividends is made based on the Company&#8217;s
Stand-Alone Financial Statements which are presented in pesos, the legal currency in Argentina, pursuant to regulatory requirements.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
14</U>: STATEMENT OF CASH FLOWS&#8217; COMPLEMENTARY INFORMATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.1&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjustments
                                            to reconcile net profit to cash flows generated by operating activities</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 47%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 13%">Note</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 12%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 12%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 12%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.6</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19,389</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,301</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,122</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Accrued interest</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">25,294</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13,548</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,396</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Depreciations and amortizations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">9, 10.1 and 10.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27,731</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19,673</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14,485</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Share of profit of joint ventures and associates</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">5.2.2</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(16,089)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11,567)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6,551)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Results for property, plant and equipment sale</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.3 and 10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(248)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(102)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Result for intangibles assets sale</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(252)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(146)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.1, 11.2 and 11.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,925</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">332</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,351</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,142</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">220</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">560</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Result from measurement at present value</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,040</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">156</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(144)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Changes in the fair value of financial instruments</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15,244)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,310</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,667)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Exchange differences, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(12,173)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(150)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(952)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Result from exchange of corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,997</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Result from repurchase of corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(670)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,532)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Readjustment of investment plan&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,011</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Compensation for arbitration award</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6,447)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">(Recovery) Provision for tax charges, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(17)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(117)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Provision for contingecies, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">489</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">312</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">383</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Provision for environmental remediation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">66</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,409</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Accrual of defined benefit plans</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">9 and 10.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,778</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,116</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">736</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Dividends received</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(76)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Compensation agreements&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.1 and 10.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,825</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">100</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">91</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Adjustments to reconcile net profit to cash flows from operating activities</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">37,544</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">34,388</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">27,230</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 164 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->156<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE 14</U>:
</B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.2</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Changes in
                                            operating assets and liabilities</FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 12%">12.31.2022</TD>
    <TD STYLE="text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 12%">12.31.2021</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 12%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">(Increase) Decrease in trade receivables and other receivables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(21,997)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">204</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">711</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in inventories</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4,197)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4,303)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(873)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase (Decrease) in trade payables and other payables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,482</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,843</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,058)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in salaries and social security payables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,740</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">950</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">506</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Decrease in defined benefit plans</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(381)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(199)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(121)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase (Decrease) in tax liabilities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,176</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,100)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">75</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase (Decrease) in provisions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(319)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(147)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax paid</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(397)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,191)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,096)</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle; text-align: left">(Payments) Collections for derivative financial instruments, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(692)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,210)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">324</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Changes in operating assets and liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(21,247)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(4,325)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(2,679)</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.3</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Significant
                                            non-cash transactions</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white; width: 47%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 12%">12.31.2022</TD>
    <TD STYLE="text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 12%">12.31.2021</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 12%">12.31.2020</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Acquisition of property, plant and equipment through an increase in trade payables</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(13,015)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(5,253)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(592)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Borrowing costs capitalized in property, plant and equipment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1,672)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(633)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Acquisition of subsidiary by delivering financial assets at fair value through profit and loss</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(6,009)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Increase in investments in associates through a decrease in other receivables</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1,645)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Receivables for acquisition of subsidiary</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Dividends pending collection</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">188</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,242</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Increase in right-of-use assets through an increase in other liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(126)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(704)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(24)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Receivables from sales of companies pending collection</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,829</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Decrease on well abandonment provision, net, through property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(195)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(61)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(243)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Compensation of loans through dividends assignment</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">840</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 165 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->157<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
15</U>: CONTINGENT LIABILITIES AND ASSETS</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
hereinafter detail the nature of significant proceedings as of December 31, 2022, not considered as probable by the Company based on
the opinion of the Company&#8217;s internal and external counselors.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.1&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Labor Claim
                                            &#8211; Compensatory Plan</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company faces several legal proceedings associated with the Defined Benefit Plan &#8220;Compensatory Plan&#8221; (see Note 11.8). We
hereinafter describe the nature of currently pending labor claims:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Claims
                                            by former employees not covered by the plan, seeking their inclusion. The Chamber of Appeals
                                            upheld the first-instance judgments that had dismissed the complaints filed in two claims
                                            by non-covered former employees seeking to be included in the plan. Both of these judgments
                                            are final and conclusive.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Claims
                                            by former employees seeking compensation under the plan on account of terminations due to
                                            changes in shareholding control.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Claims
                                            on considering that the index (CPI) used to update the plan benefits is ineffective to keep
                                            their &#8220;constant value&#8221;. In two of the causes, the Company obtained a favorable
                                            judgment, which has been appealed by the plaintiff. On the other hand, the Company received
                                            an adverse judgment in a claim, consequently, the Company has filed an appeal before the
                                            applicable Chamber.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Claims
                                            on an alleged underfunding of the plan upon the elimination of the Company&#8217;s contributions based on earnings. The Company obtained
a favorable first-instance judgment. The plaintiff filed an appeal, which was sustained by the Chamber. Against said pronouncement, the
Company filed a Federal Extraordinary Appeal before the CSJN, which was disallowed by the Appeals Chamber. Consequently, the Company
filed a petition in error before the CSJN and an appeal on the grounds of unconstitutionality before the Supreme Court of Justice of
the Autonomous City of Buenos Aires.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.2&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tax claim</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tax
                                            on Liquid Fuels and Natural Gas:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
AFIP filed a claim in the amount of $ 54 million against the Company for an alleged omission in the payment of Taxes on Liquid Fuels
and Natural Gas during fiscal periods January 2006 through August 2011, plus compensatory interest and a penalty of $ 38 million for
such omission. The tax entity supports its claim on the allegation that the tax benefit granted to sales to areas declared exempt by
the tax law has been misappropriated. The proceeding is currently being heard before the Federal Tax Court, and the evidentiary period
has been completed.</FONT></P>


<!-- Field: Page; Sequence: 166 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->158<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE 15</U>:
</B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.3&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Environmental
                                            claims</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Association of Land Owners of Patagonia (ASSUPA) has brought a complaint for an indefinite
                                            amount against the Company and other companies seeking the restoration of the environment
                                            to the state prior to the exploration, exploitation, production, storage and transportation
                                            of hydrocarbon works conducted by the plaintiffs and the prevention of alleged future environmental
                                            impacts on certain areas in the Austral Basin. The National Government and the Provinces
                                            of Santa Cruz and Tierra del Fuego have been summoned as third parties. The proceeding is
                                            at the complaint answer stage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">ASSUPA
                                            has instituted a complaint before the CSJN against 10 companies, including the Company. The
                                            National Government and the Provinces of Buenos Aires, La Pampa, Mendoza, Neuqu&eacute;n
                                            and R&iacute;o Negro have been summoned as third parties. The main claim seeks that the plaintiffs
                                            should be ordered to redress the alleged environmental damage caused by the hydrocarbon activity
                                            developed in the Neuquina Basin and to set up the environmental restoration fund provided
                                            for by section 22 of the General Environmental Law. Subsidiarily, and in case restoration
                                            is not possible, it seeks the redress of the allegedly sustained collective damages for an
                                            amount estimated at US$ 547 million based on a United Nations Development Program report.
                                            The proceeding is in the complaint answer stage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Beatriz
                                            Mendoza and other 16 plaintiffs brought a complaint before the CSJN against the National
                                            Government, the Province of Buenos Aires, the Government of the Autonomous City of Buenos
                                            Aires and 44 companies, including the Company, conducting industrial activities along the
                                            Matanza-Riachuelo River Basin. The plaintiffs seek compensation for alleged damages sustained
                                            as a result of an alleged environmental impact, its cessation, the environmental recomposition
                                            and redress, for an estimated amount of US$ 500 million for the financing of the Matanza-Riachuelo
                                            River Basin Environmental Management Plan aiming at the restoration of the basin. The proceeding
                                            is in the third-party summoning stage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Inertis
                                            S.A. has filed a complaint against the Company for alleged damage to the environment in a
                                            lot owned by this company as a result of the activities conducted by the Dock Sud Plant seeking
                                            the redress of alleged damages for a nominal amount estimated at $ 1 million and US$ 1 million,
                                            or the difference between the value of the allegedly affected lot and its valuation. The
                                            proceeding is in the evidentiary stage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fundaci&oacute;n
                                            SurfRider Argentina has requested the performance of preliminary proceedings on account of
                                            alleged indications of environmental damage in the City of Mar del Plata. The plaintiff seeks
                                            the recomposition of the alleged environmental damage having collective impact, or the compensation
                                            for the alleged damages caused by all companies owning gas stations in the coastal area of
                                            the City of Mar del Plata for an alleged fuel leakage from gas stations&#8217; underground
                                            storage tanks into the water, soil and marine system. The Foundation estimates damages in
                                            the amount of $ 200 million. The parties agreed on a stay of the procedural time limits until
                                            August 2022 to evaluate the possibility of reaching an agreement. The plaintiff reached an
                                            agreement with three co-defendants. The Chamber hearing the case referred it back to the
                                            first instance, and the Court ordered a series of information measures before serving notice
                                            of the agreement on the other co-defendants (including the Company).</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 167 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->159<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
15</U>:</B> (Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Some
                                            neighbors of the Dock Sud area brought a complaint against 14 oil companies, including the
                                            Company, petrochemical companies and waste incineration plants located in the Dock Sud Petrochemical
                                            Complex for an alleged damage to the environment and alleged individual damage to their goods,
                                            health and morale. The CSJN determined it had jurisdiction over the environmental issue and
                                            maintained the civil and commercial jurisdiction regarding the compensation for the alleged
                                            damages. The First-Instance Civil and Commercial Court opened the evidentiary stage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
                                            neighbor of the Province of Salta owning a lot where a joint venture made up of the plaintiffs
                                            (the Company and other companies) conducted hydrocarbon activities seeks environmental protection
                                            and restoration for alleged damage caused by hydrocarbon prospecting, exploration and/or
                                            exploitation activities or, alternatively, a compensation in case such environmental restoration
                                            is not possible. The Province of Salta has been summoned as a third party. The proceeding
                                            is in the complaint answer stage and the Court of Justice of Salta declared that the First-Instance
                                            Administrative Litigation Court has jurisdiction over the claim.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Owners of a lot in the town of Gar&iacute;n, Province of Buenos Aires, seek the performance of preliminary proceedings for alleged indications
of damage to the environment in their place of residence which would result from an alleged leakage from the adjacent gas station under
the Company&rsquo;s branding. Preliminary measures are being conducted in this proceeding.</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Neighbors
                                            of the Province of Neuqu&eacute;n brought a proceeding against the Company for alleged environmental
                                            damage resulting from the hydrocarbon exploration, exploitation, transportation and well
                                            abandonment activities in which that plaintiff has been taking part. Should this not be feasible,
                                            they claim a compensation for alleged damages to support the Environmental Restoration Fund.
                                            Additionally, they request the redress of alleged moral damages to be allocated to the Environmental
                                            Restoration Fund. The presence of all involved parties has been properly verified, and the
                                            lawsuit has been referred to the administrative litigation jurisdiction.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Plaintiff
                                            Martinez Lidia and other three plaintiffs claim financial compensation for alleged damage
                                            to their health and property caused by the alleged environmental affectation sustained as
                                            a result of living next to Puerto General San Martin petrochemical plant (Rosario-Santa Fe).
                                            The evidentiary stage is closed and the Public Defender for the deceased plaintiff&#8217;s
                                            heirs was appointed, and he accepted this appointment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
                                            neighbor of the Province of Buenos Aires brought a complaint against the Company seeking
                                            the removal of three fuel storage tanks and pumps and the remediation and restoration of
                                            the soils where such tanks are located on account of an alleged environmental affectation.
                                            The proceeding is in the evidentiary stage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Neighbors
                                            of the Province of Santa Fe have brought a complaint against the Company for alleged environmental
                                            damage. The Company obtained a favorable judgment, which has been appealed by the plaintiff.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 168 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->160<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
15</U>:</B> (Continuation)</FONT>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.4&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Civil and Commercial
                                            Claims</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            &#8220;Consumidores Financieros Asociaci&oacute;n Civil Para Su Defensa&#8221; claim the
                                            nominal amount of US$ 3,650 million as compensation for damages, Pampa, Petrolera Pampa S.A.
                                            and certain Pampa directors in office during 2016 being co-plaintiffs together with Petroleo
                                            Brasileiro S.A. A complaint has been brought against Petrobras Brasil for the depreciation
                                            of the share quotation value as a result of the &#8220;lava jato operation&#8221; and the
                                            so-called &#8220;Petrolao&#8221;, and the plaintiffs claim Pampa, Petrolera Pampa S.A. and
                                            the directors&#8217; joint and several liability alleging the acquisition of indirect control
                                            in Petrobras Argentina S.A. may have thwarted the enforcement of a possible judgment favorable
                                            to the plaintiff (for up to the amount of the price paid by Pampa for the acquisition of
                                            control over Petrobras Argentina S.A.). The plaintiff appealed the Arbitration Court&#8217;s
                                            decision declaring the dismissal of the main claim upon the failure to pay the arbitration
                                            fee. The Chamber of Appeals in Commercial Matters upheld the filed extraordinary appeal.
                                            On its part, Petr&oacute;leo Brasileiro S.A. filed an appearance, requested that the lack
                                            of substance of the filed appeal should be declared, and subsidiarily answered it. The Company
                                            was served notice of the upholding of the motion made by the Chamber of Appeals in Commercial
                                            Matters and filed a presentation in this respect. Later, the CSJN declared the nullity of
                                            the Chamber of Appeals in Commercial Matters&#8217; decision upholding the extraordinary
                                            appeal and referred the court file back so that a new judgment should be rendered.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
hereinafter detail the nature of significant legal proceedings brought by the Company as of December 31, 2022 where the related inflows
of economic benefits are estimated to be probable by the Company.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.5&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Administrative
                                            claims</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">CTLL
                                            (currently Pampa) filed an administrative litigation complaint against the Federal Government
                                            for contractual breach during the January 2016-March 2016 period. CTLL claims that CAMMESA&#8217;s
                                            decision regarding the renewal and recognition of costs associated with natural gas supply
                                            agreements should be reversed and that, subsidiarily, sustained damages should be redressed.
                                            Later on, CTLL filed a new contentious administrative litigation complaint against the Federal
                                            Government for contractual breach during the April 2016-October 2018 period. In the complaint
                                            for the January-March 2016 period, the closing of the evidentiary stage was suspended on
                                            account of the proceeding&#8217;s link with the complaint subsequently field for the April
                                            2016- October 2018 period, proceeding which is currently in the evidentiary stage.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon the determination of the expiration of the Veta Escondida block concession granted by the Province of Neuqu&eacute;n, the
Company filed a declaratory judgment action to achieve certainty under the original jurisdiction of the CSJN pursuant to section 322
of the Federal Code of Civil and Commercial Procedure. Both parties agreed to suspend the proceeding to pursue a private settlement,
the rendering of judgment was requested and the CSJN has set a preliminary hearing, which was carried out. Currently, after the opinion
rendered by the National Attorney General, the proceeding is pending judgment by the CSJN.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 169 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->161<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
15</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0 17.85pt; text-align: justify; text-indent: -17.85pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On March 31, 2021, the Company submitted a Preliminary Administrative Claim (RAP) against the National Ministry of Economy (MECON)
to claim the owed amount, plus the applicable interest, assumed by the Federal Government during the term of validity of PEN Executive
Order No. 1,053/18 on account of the exchange difference between the price of the gas purchased by gas distributors and that recognised
in their final tariffs during the April 2018 - March 2019 period. On September 1, 2021 a request for an expedited procedure was filed.
On September 1, 2021. a request for an expedited procedure was filed. On December 2, 2021, the Company filed a protective action (amparo)
on the grounds of undue delay seeking that defendant should state its opinion in this respect. A judgment was rendered dismissing the
amparo. The Company has filed an appeal against this decision, which was dismissed by the Chamber hearing the case. As MECON&#8217;s
term to state its position on the RAP has expired, the Company has brought a complaint against the Federal Government.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.6&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Civil and Commercial
                                            Claims</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">EcuadorTLC
                                            (currently Pampa Bloque 18), in its capacity as assignee of the Ecuadorian company Petromanab&iacute;
                                            S.A., filed an international arbitration proceeding against the Republic of Ecuador seeking
                                            the payment of 12% of the Settlement Value, the latter pursuant to the terms of the Hydrocarbon
                                            Exploration and Crude Oil Exploitation Participation Agreement in Block 18 entered into on
                                            December 19, 1995 and/or the Holl&iacute;n Common Field Unified Exploitation Operating Agreement
                                            executed on August 7, 2002 &#8212;in both cases, as amended&#8212;. The arbitration is conducted
                                            according to the Arbitration Rules of the United Nations Commission on International Trade
                                            Law, the applicable law is Ecuadorian law, and the seat of arbitration is the City of Santiago
                                            de Chile. In 2021, the first stages of the international arbitration proceeding have already
                                            begun. As of the issuance of these Consolidated Financial Statements, the arbitration proceeding
                                            is ongoing.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ecuador
                                            TLC (currently Pampa Bloque 18), brought an arbitration claim against Petroecuador before
                                            the arbitration and mediation center of the Chamber of Commerce of Quito as a result of certain
                                            breaches to the transportation agreement entered into on December 31, 2008 whereby the Ecuadorian
                                            Government undertook the crude oil transportation commitment through the OCP, to be charged
                                            to the oil transportation capacity hired by Pampa Bloque 18. On August 3, 2022, the Arbitration
                                            Court rendered a final and conclusive award partially upholding the complaint. Even though
                                            the award was not annulled, Petroecuador filed an extraordinary protection proceeding before
                                            the Constitutional Court. It is worth highlighting that this proceeding does not suspend
                                            the execution of the arbitration award. As of December 31, 2022, Pampa Bloque 18 recorded
                                            a US$ 37.4 million receivable as compensation for the arbitration complaint in Ecuador. As
                                            of the issuance of these Consolidated Financial Statements, Petroecuador has partially fulfilled
                                            the award and made a US$ 20 million payment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Company has instituted an international arbitration proceeding against High Luck Group Limited
                                            - Argentina branch as a result of certain breaches to the Participation Assignment Agreement
                                            and the Joint Operation Agreement for the Chirete Block entered into on April 1, 2015.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 170 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->162<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
16</U>: RELATED PARTIES&acute; TRANSACTIONS</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.7pt"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 18.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.1&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balances
                                            with related parties</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">As of December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Other receivables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Trade&nbsp;&nbsp;payables</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Non Current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left; width: 44%">Associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">CTB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">34</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">TGS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">806</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">3,098</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,059</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,206</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Transener</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">4</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">12</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Other</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left">Other related parties</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">SACDE</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">4</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">12</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,297</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Other</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">100</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">848</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">3,098</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,183</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2,506</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">As of December 31, 2021</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Other receivables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Trade&nbsp;&nbsp;payables</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Non Current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left; background-color: white">Associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">CTB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">33</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Greenwind</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">38</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">OCP</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">200</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Refinor</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">101</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">187</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">TGS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">611</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2,394</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">568</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">311</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Transener</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">25</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left">Other related parties</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">SACDE</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">3</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">5</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,001</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Other</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">57</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">786</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,394</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">830</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,524</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 171 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->163<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
16</U>:</B> (Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.7pt"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 18.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.2&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operations
                                            with related parties</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 7.1pt; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold; text-align: center"><BR>
Operations for the year</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; vertical-align: middle; font-weight: bold; text-align: center">Sales of
    goods and services <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><BR></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Purchases of goods and services <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Fees for services <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 700"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Other operating income (expenses),
    net <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 700"><SUP>(4)</SUP></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2020</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left; background-color: white; width: 16%">Associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">CTB</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">242</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">153</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">114</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Greenwind&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">47</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">64</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">50</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Refinor&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,435</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">828</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">671</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,222)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(597)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(314)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(12)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">TGS&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,718</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,333</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,372</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7,131)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4,135)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,753)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Transener</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(50)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(38)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline">Other related parties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Fundaci&oacute;n</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(247)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><SUP>-</SUP></TD>
    <TD STYLE="vertical-align: middle; text-align: right">(170)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(106)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">SACDE&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(10,538)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(4,832)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(433)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Salaverri, Dellatorre, Burgio &amp; Wetzler&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(83)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><SUP>-</SUP></TD>
    <TD STYLE="vertical-align: middle; text-align: right">(118)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(54)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Other</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><SUP>-</SUP></TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">8,442</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,378</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,207</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(18,944)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(9,603)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(2,513)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(83)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(118)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(54)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(199)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(170)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(106)</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 7.1pt; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)
</SUP>Corresponds mainly to advisory services provided in the field of technical assistance and sales of gas and refined products.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2)
</SUP>Correspond to natural gas transportation services, purchases of refined products and other services imputed to cost of sales for $ 8,484
million, $ 4,900 million and $ 2,080 million and infrastructure works contracted to SACDE imputed in property, plant and equipment for
$ 10,457 million, $ 4,703 million and $ 433 million, of which $ 5,339 million, $ 1,667 million and $ 159 million correspond to fees and
general expenses calculated on the costs incurred by SACDE and/or Pampa to carry out these for the years ended December 31, 2022, 2021
and 2020, respectively.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(3)
</SUP>Disclosed within administrative expenses.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(4)
</SUP>Corresponds mainly to donations.</FONT></P>


<!-- Field: Page; Sequence: 172 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->164<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
16</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="background-color: white">
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center"><BR>
Operations for the year</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial
    income <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial
    expenses <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal; font-weight: 700"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Dividends received&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Payment of dividends</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2020</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2021</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left; width: 16%">Associates and joint ventures</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 6%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Citelec</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(24)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">856</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Greenwind&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">OCP</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">90</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">85</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,240</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,949</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,363</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Refinor</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">TGS&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">271</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">239</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">206</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; background-color: white">Other related parties</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">EMESA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(25)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(519)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Oldelval</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">SACDE&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">TJSM</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">32</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">TMB</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Other</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(9)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">286</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">329</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">303</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(9)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(24)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,240</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,962</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,295</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(25)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(519)</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP>
Corresponds mainly to financial leases and accrued interest on loans granted.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP>
Corresponds mainly to interest and commissions on loans received.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 173 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->165<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
16</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.3</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Key management
                                            personnel remuneration</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During
the years ended December 31, 2022 2021 and 2020, the total remuneration to executive directors accrued amounts to $ 3,698 million ($
873 million for Directors' and Sindycs' fees and $ 2,825 million in the accrual of Stock-based Compensation Plans and Compensation Agreements),
$ 734 million ($ 634 million for Directors' and Sindycs' fees and $ 100 million in the accrual of Stock-based Compensation Plans and
Compensation Agreements), and $ 579 million ($ 488 million for Directors' and Sindycs' fees and $ 91 million in the accrual of EBDA Compensation
and Stock-based Compensation Plans), respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
should be noted that, as stipulated in the compensation agreements (See Note 4.17.1), and considering that no compensation had been assigned
in favor of the Company&#8217;s main officers over the last three fiscal years, on September 30, 2021 they exercised the right to set
the Company&#8217;s ADR weighted average listed price over the 30 business exchange days before the closing of year 2020 as the new initial
market value to calculate compensations as from fiscal year 2021. Following the exercise of this option, the officers have lost all their
rights to accrued and uncollected compensations for the previous fiscal years, which generated the recognition of a profit of US$ 6.7
million as of December 31, 2021.</FONT></P>


<!-- Field: Page; Sequence: 174 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->166<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/1pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
17</U>: ASSETS AND LIABILITIES IN CURRENCIES DIFERENT FROM THE ARGENTINE PESO <FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></FONT></P>

<P STYLE="font: 7pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><SUP>&nbsp;</SUP></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="font-weight: bold; text-align: center; background-color: white; width: 39%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 7%">Type</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 13%">Amount in currencies other than pesos</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 11%">Exchange
    rate <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 700"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 13%">Total <BR>
12.31.2022</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 13%">Total <BR>
12.31.2021</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold; 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">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">ASSETS</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left; background-color: white"><U></U></TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">NON-CURRENT ASSETS</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Financial assets at amortized cost</TD>
    <TD STYLE="text-align: center; background-color: white">US$</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.6</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">177.16</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,000</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,821</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Other receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">177.16</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,099</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,394</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Total non-current assets</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,099</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,215</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left; background-color: white"><U></U></TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">CURRENT ASSETS</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="text-align: center; background-color: white">US$</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471.2</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">177.16</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83,477</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,170</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">U$</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">4.42</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial assets at amortized cost</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">177.16</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,357</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">177.16</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Trade and other receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219.9</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">177.16</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,960</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,540</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.8</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">177.16</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,602</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,701</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">EUR</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">189.92</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">U$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total current assets</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137,547</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,971</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total assets</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158,646</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84,186</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">LIABILITIES</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">NON-CURRENT LIABILITIES</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Provisions</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143.9</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">177.16</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,492</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,571</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Borrowings</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,218.0</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">177.16</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215,786</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139,630</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Other payables</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">177.16</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,572</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,339</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total non-current liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244,850</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154,540</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">CURRENT LIABILITIES</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Provisions</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">177.16</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Tax liabilities</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">177.16</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">177.16</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">177.16</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Borrowings</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176.0</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">177.16</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,180</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,009</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Trade and other payables</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200.2</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">177.16</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,461</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,746</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">EUR</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">189.92</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; font-style: italic; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">SEK</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total current liabilities&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,270</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,588</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Total liabilities&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313,120</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173,128</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Net Position Liability</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154,474)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88,942)</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0 0 0 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Information
                                            presented to comply with the CNV Rules. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Exchange
                                            rate in force on December 31, 2022 according to the BNA for U.S. dollars (U$S), euros (EUR)
                                            and Uruguayan pesos (U$). </FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 175 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->167<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
18</U>: INVESTMENT COMMITMENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">18.1</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">New generation
                                            projects</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the National Government&#8217;s call for the expansion of the generation offer, the Company participated in the following generation
projects:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>PEPE
IV</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
early 2022, works started for the expansion of PEPE III, inaugurated in 2019 and located in the town of Coronel Rosales, Province of
Buenos Aires, which production is targeted at the large users&#8217; segment, with 14 wind turbines and an installed capacity of 53.2
MW.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
project, with an estimated investment of US$ 128 million, will mainly consist of the mounting and installation (in stages) of 18 additional
wind turbines, adding a capacity of 81 MW; therefore, once works are completed, PEPE III and PEPE IV will have an installed capacity
of 134.2 MW. The expansion requires sophisticated works on the platforms and foundations, which will be conducted by SACDE, and the start-up
is planned for the second quarter of 2023.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 29, 2022 took place the commissioning of 4 wind turbines which have a capacity of 18 MW, and on February 25, 2023, took place
the commissioning of 4 additional wind turbines with an incremental capacity of 18 MW.</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">18.2</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investment
                                            commitment for the exploration and exploitation of hydrocarbons</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Regarding
the investment project committed by CENCH for the Sierra Chata block, on June 29, 2022 was published Provincial Executive Order No. 1,262/22
approving the new investment schedule. Under it, the consortium made up by the Company and Mobil Argentina S.A. undertakes to execute
14 horizontal wells targeting the Vaca Muerta formation by July 26, 2023.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the issuance of these Consolidated Financial Statements, the Company has committed investments until 2024 for an estimated total amount
of US$ 180 million, including commitments associated with the participations detailed in Note 5.3.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U><BR STYLE="clear: both"></U></FONT></P>


<!-- Field: Page; Sequence: 176 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->168<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
19</U>: INCIDENT AT GENELBA THERMAL POWER PLANT</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 31, 2021 an incident occurred in the GEBATG03 (TG21) unit, which makes up Genelba thermal power plant&#8217;s Genelba Plus combined
cycle, and damage was caused to the unit&#8217;s turbine. As a result of the incident, the combined-cycle generation capacity was reduced
by approximately 50% (280 MW).</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Jointly
with the turbine&#8217;s manufacturer (SIEMENS), the Company performed the necessary works to dismantle and repair the failure, which
were completed in July 2021.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Moreover,
the Company is making all necessary filings before the insurance companies to collect the compensatory damages for the failure and minimize
losses associated with the breach of availability commitments.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
20</U>: LEASES<B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">20.1
Lessee</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company leases a key part for thermal power plants operation for a 20-year term and has entered into certain oil services agreements
(mainly gas compression services) which, considering their characteristics, contain the lease of the assets for the rendering of the
services with terms ranging between 2 and 6 years.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
terms of the lease agreements are negotiated on an individual basis and comprise a broad range of terms and conditions.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
evolution of right-of-use assets and lease liabilities recognised as of December 31, 2022 and 2021 is disclosed below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 177 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->169<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
20</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">20.1.1 <U>Right
of use assets</U></FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Original values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 38%">Type of good</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 11%">At the beginning</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 11%">Increase</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 11%">Decrease</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 11%">Traslate Effect</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 13%">At the end</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Machinery and equipment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,045</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">126</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(101)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,448</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,518</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">Total at 12.31.2022</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,045</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">126</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(101)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,448</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,518</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt; background-color: white">Total at 12.31.2021</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,095</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">704</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(55)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">301</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,045</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Amortization</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white">Type of good</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At the beginning</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">For the year</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white">At the end</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At the end</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Machinery and equipment</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(814)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(381)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(802)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1,997)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">Total at 12.31.2022</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(814)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(381)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(802)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,997)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt; background-color: white">Total at 12.31.2021</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(228)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(510)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(76)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(814)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Net book values</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Type of good</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Al 31.12.2022</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Al 31.12.2021</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Machinery and equipment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,521</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">Total at 12.31.2022</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,521</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt; background-color: white">Total at 12.31.2021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B> </B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 178 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->170<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
20</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">20.1.2
<U>Lease liabilities</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 58%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">12.31.2021</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">At the beginning of the year</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,340</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,002</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Increases</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">126</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">402</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Result from measurement at present value <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">317</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">141</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Reversal of unused amounts</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(101)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Payments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(411)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(462)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Exchange differences on translation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">837</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">257</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">At the end of the year</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2,108</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,340</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)
</SUP>Included in Other financial results.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As of December 31, 2022 and 2021, this liability is disclosed under Other current payables in the amount of $ 319 million and $ 386 million
and Other non-current payables for $ 1,789 million and $ 954 million, respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table includes an analysis of the Company lease liabilities, grouped according to their maturity dates. The amounts shown in
the table are the contractual undiscounted cash flows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 74%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 24%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Less than three months</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">77</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Three months to one year</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">242</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">One to two years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">306</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Two to three years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">306</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Three to four years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">306</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Four to five years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">306</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">More than five years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,514</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4,057</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">20.1.3 <U>Short-term
or low value leases</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022 and 2021, the Company has recognised administrative costs and expenses in the amount of $ 839 million and $ 543&nbsp;million
on account of lease payments associated with short-term leases, respectively.</FONT></P>


<!-- Field: Page; Sequence: 179 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->171<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NOTE
20</U>: </B>(Continuation)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">20.2
Lessor</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">20.2.1
<U>Financial leases</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Corresponding
to the financing granted to TGS for the sale of certain property, plant and equipment belonging to the Oil &amp; Gas business segment.
This agreement was entered into on August 11, 2016 and consists of the collection of 119 monthly consecutive installments of US$ 623
thousand, without considering taxes, and a purchase option for a like amount payable at the end of the 120 months of the contract life.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2022 and 2021, this receivable is disclosed under Other current receivables in the amount of $ 1,030 million and $ 568
million, respectively and under Other non-current receivables for $ 3,098 million and $ 2,394 million, respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table includes an analysis of the Company receivable, grouped according to its maturity dates. The amounts shown in the table
are the contractual undiscounted cash flows:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 74%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 24%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Less than three months</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">250</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Three months to one year</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">780</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">One to two years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,117</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Two to three years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,211</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Three to four years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">770</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4,128</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">20.2.2
<U>Operating leases</U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company has executed lease agreements to install commercial and administrative offices in Pampa Energ&iacute;a S.A.&#8217;s building,
located in Maip&uacute; 1, Autonomous City of Buenos Aires, for three to five years terms.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Future
minimum collections from operating leases as of December 31, 2022 are detailed below:</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 74%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 24%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Less than three months</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">53</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Three months to one year</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">165</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">One to two years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">167</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Two to three years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">72</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Three to four years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">72</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Four to five years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">536</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total income
from operating leases for the fiscal year ended December 31, 2022 amounts to $ 136 million.</FONT></P>


<!-- Field: Page; Sequence: 180 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->172<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
21</U>: TERMINATION OF HYDROELECTRIC CONCESSIONS</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
the hydroelectric concessions timely granted by the Federal Government and, in some cases, by the Provinces approach expiration, on March
10, 2022, SE Resolution No. 130/22 was published, creating a Concessioned Hydroelectric Exploitations Team to evaluate the status of
the hydropower concessions under national jurisdiction, including HIDISA, HINISA, and HPPL.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
team will be presided over by the Secretary of Energy (or the person appointed by him) and coordinated by a person with proven experience
in the field. It will also be made up of representatives of the SE, CAMMESA, the ENRE, and IEASA. Furthermore, the Dam Safety Regulatory
Body and water management and environmental protection authorities are invited to appoint a representative in the team.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
concessions' status report must be submitted within two years for the HIDISA and HINISA concessions, expiring in 2024, whereas the term
for issuing the report for HPPL, which concession expires in 2029, will be later determined.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally,
IEASA is entrusted with the technical audit of the power generation equipment.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
22</U>: DOCUMENTATION KEEPING</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
August 14, 2014, the CNV issued General Resolution No.&nbsp;629, which introduced modifications to the provisions applicable to the keeping
and conservation of corporate and accounting books and commercial documentation. To such effect, the Company, have sent non-sensitive
work papers and information corresponding to the periods not covered by the statute of limitations for their keeping in the Administraci&oacute;n
de Archivos S.A. (AdeA)&#8217;s data warehouse located at Ruta 36, km 34.5, Florencio Varela, Province of Buenos Aires and in the Iron
Mountain Argentina S.A.&#8217;s data warehouses located at the following addresses:</FONT></P>

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Azara
                                            1245 &#8211; C.A.B.A.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Don
                                            Pedro de Mendoza 2163 &#8211; C.A.B.A.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amancio
                                            Alcorta 2482 - C.A.B.A.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">San
                                            Miguel de Tucum&aacute;n 601, Carlos Spegazzini, Municipality of Ezeiza, Province of Buenos
                                            Aires.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
list of the documentation delivered for storage, as well as the documentation provided for in Article 5.a.3) Section I, Chapter V, Title
II of the PROVISIONS (2013 regulatory provisions and amending rules), is available at the Company headquarters.</FONT></P>


<!-- Field: Page; Sequence: 181 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->173<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs4q226ke2_002.jpg" ALT="" STYLE="width: 280px; height: 80px"></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2022, 2021 and 2020 <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
23</U>: OIL AND GAS RESERVES (Information not covered by the auditors&#8217; report)</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
table below presents the estimated proved reserves of oil (including crude oil, condensate and LNG) and natural gas, by geographic area
as of December 31, 2022.</FONT></P>

<P STYLE="font: 8.5pt/120% Trebuchet MS, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/120% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="8" STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Proved Reserves</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 11%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 11%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 11%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 11%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 11%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 11%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Proved Developed</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Proved Undeveloped</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Total Proved</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Oil and LNG <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">Natural Gas <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Oil and LNG <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">Natural Gas <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Oil and LNG <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">Natural Gas <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Argentina</TD>
    <TD STYLE="text-align: right">7,722</TD>
    <TD STYLE="text-align: right">17,372</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,214</TD>
    <TD STYLE="text-align: right">11,241</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10,936</TD>
    <TD STYLE="text-align: right">28,613</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total at 12.31.2022</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">7,722</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">17,372</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,214</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">11,241</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,936</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">28,613</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/120% Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)
</SUP><FONT STYLE="line-height: 120%">In thousands of barrels.</FONT></FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(2)
</SUP><FONT STYLE="line-height: 120%">In millions of cubic meters.</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>NOTE
24</U>: SUBSEQUENT EVENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PEPE
VI</B></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
February 2023, the Company started constructing Pampa Energ&iacute;a VI Wind Farm in Bah&iacute;a Blanca, Province of Buenos Aires. The
project will enable the installation of a 300 MW power capacity, in 3 stages, with an estimated US$ 500 million investment.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stage
1 comprises the mounting and installation of 21 Vestas wind turbines, with their internal medium-voltage cable network, roads, a substation
and a 500 KV line allowing for a 94.5 MW capacity addition, with an investment for US$ 186 million, expected to be operative in mid-2024.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
energy produced by this wind park allows for reduced carbon emissions and will be sold through the MATER to supply large companies in
the country in compliance with the Renewable Energy Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->174<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ex99-3.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="pamfs4q226ke3_001.jpg" ALT="">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>pamfs4q226ke1_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pamfs4q226ke1_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "F DT# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *JZC?PZ9I\U[/N\J%
M=Q"C)/;%6JPO&7_(I:A_N+_Z$*TIQ4IJ+ZLRK2<*<I+HF8W_  LO3?\ GRN_
M_'?\:/\ A9>F_P#/E=_^._XUYC17O_V?0[?B?*?VMBNZ^X]._P"%EZ;_ ,^5
MW_X[_C4L7Q(T=R!)!>1^^Q2/T->644GE]#L_O!9OBNZ^X]PTWQ%I.K$+9WL;
MR'_EFWRM^1Z_A6I7SX"58,I((.01VKT3P9XQEN)TTO4Y"[MQ!.QY)_NMZ^QK
MAQ& <%S4W='J8/-E5DH559OKT._HHHKRSW HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "L+QE_R*6H?[B_^A"MVL+QE_P BEJ'^XO\
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M>:TT[,]I--704444AA1110 4444 %%%% !1110 4444 %%%% !1110 4444
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MYJFMV-]XAU,1V]M<QSM 90=VU@V B?+VZU+HVU<D/GOLCM?''_(CZS_UZO\
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MH(A@ =2>Y)[D^M7:**&[ZL HHHI %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 17/_ !ZR_P"X?Y5X!7O]S_QZR_[A_E7@%>SE>TOD?.9Y
MO#Y_H>K_  Z_Y%EO^OA_Y+76URWP_@DA\+JTBE1+*SIGNO S^AKJ:\[%?QI>
MI[&"5L/"_9!1117.=84444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110!'-/%;0M-/*D42\L[L% ^I-+%+'-&LD4BR1MR&0
MY!_&J>M:5%KFC76F3R/''<)M+)C(YSW^E>:R?!9HR6L_$+H>H#6_?ZA_Z5K"
M,&O>E8EMK9'JL]Q#:Q&6XFCBC7J\C!0/Q->,?$+78O&FOZ;H6AD7(CD*^:OW
M7=L#@_W0!R>G7TK1C^"TLK!KWQ"SG/(6W)_4M_2NX\->"M&\+!FL86>Y<8:X
MF.YR/0=@/I6L73I/F3NR&I2T:LC=MH$M;6&WCSLB147/H!@5+117*:A1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 $9&#TK('A?0Q)Y@TNWW9SRN1
M^72M>BJC.4?A=B)0C+XE<15"J%4 *!@ #@"EHHJ2PHHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
$H __V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>pamfs4q226ke1_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pamfs4q226ke1_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "= +D# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M>,';(< KM')W'.,>OUKB_P#A=_BOQ;X@32?!>@VZF0G8;G+OM'5FY"H/S^M
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MU6]#RQ(]P.HH \"^*W_)4O$/_7U_[**]6^)FL7OBN^TCX<Z&^',,<^I2?PH
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
F4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>pamfs4q226ke1_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pamfs4q226ke1_003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !0 1@# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ KG_&=_=:;X<EN+.8Q3"1%#@ D
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MA5&35+5-,\9:Y-IOVNRT>W6SO8KH2PW#LPVGD %>X)J[X3_Y''QC_P!?</\
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$H __V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>pamfs4q226ke3_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pamfs4q226ke3_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" 3Y W\# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M*RT:[MX\Z@!]W,LA&-^/X3QN'3@UW]]XWB\/Z#I4^OV<Z:Q?H FF6*BXEDD
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M@@D]^N,UP7A(:C+K6AZTFNZ#%K=W?+'<'[3>2:C/\V'CFB 9%4@8SM"C Y%
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MKGCY3D8]ZRSIME\2/&?C)M-F6;1I=)BL6N$0&.6[#;T=6Z,4P.GJ/:@#T/\
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M>41$^3E"=V>.OI7$)I=OK6J_"'3[MIA;S:1,)/)E:)B!;@XW*00#C!P>A(H
M]YHKPL7%KX1\*^/=)ADU"/2[/4XH+6*WNMC1"0*2HD<-L4D\G!.">YS5#P"(
M].\=Z[IVFOIT6ERZ#+-]GTN_DNX!("@R7?K)@G.. "!ZT ?0=%?/%EX<L])^
M'W@7Q1:SWHUAM1MHC.;IR/*>1LQ!<[0GL /?.36I=1>%M3\3^+[GQ[K$MAJ%
MA>LNG$7SQ26]N%&QX$!^9CC. K<]J /8AJV?$3:/_9]^,6OVG[:8?]&/S;?+
MWY^_WVXZ<UHUY%_:4%K\6+K4UFO+BWB\$^>)3'B>11*#NVE1AR.<%1SVKA_"
M,EJGCKP?J>FM9PRWTK)=F/5Y+R\F#)G%QD!%Z= !DCIQ0![WX?\ $UEXDDU5
M+.*X0Z9?R6$WG*!ND3&2N"<KSQG!]JQ=<^)%IHOB*?0T\/\ B#5+N"))9/[,
MLQ.JJW3/S C\JSOA5_Q]>.?^QGO/YBL;4],\1ZE\7O$0\-^(%TBYCTVV9B]H
MDXF^]A3N^[SW - '?>%O&.G>+(KK[)#>6EW9N([JROH?*G@)SMW+DX! )'-=
M!7SX-1O;?X8>,]2MKB_3QFT\,>MF3:)8@I"Y0( %3;NP1T&>>,U:^'-I/IOB
M>Y@L=7\.264NG2RW-GHUU=W"L<?+(QDW*KYP,;E.#TH ]YHKY<TM?#UK\*-+
MU32-5?\ X3B"Y6.UA6];S5+3_P"K$.[&PJ<].2>>N*[G5$\/:S\0O$L'Q!U(
MVJV*0-I4,UXUO&B%,F2+!&]]WU.>,<< 'M59B:]8R>))- 1W-_':B[==IVK&
M6VCGU)ST]*\3L(KSQ1HOPRM]?FO)!<W5XAE=VBEF@"G;E@<_,H SGD'J<Y.[
MIWAKPMHOQX2W$,5LT.DPO8))<L"903& N6^8^6N,<],]<F@#U32-3_M:Q-U]
MAO;+]X\?E7D7ER?*Q&[&3P<9![@U>KYXO;<7?PX\+VS/)&)O&31EXF*NN99A
ME2.0?0UN_8Y?!OC[Q7I'A99XTD\-2:C' TKRDW0?:'&XDDG/XT >U45\TR0>
M%X_"W@>XTG4O/UF[UBRGU.,7C2EI2&W-(A)"L&) . 2">M?2U !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M]-R@Y7/O0!:HJK_:5C_:7]F_;;;[?Y?F_9?-7S=F<;MF<[<\9QBK5 !1110
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MS!549))P * %HJ.WN(+NVBN;::.:"50\<L;!E=3R""."#ZU)0 4444 %%%%
M!14-Q=6]HB/<SQ0J[K&ID<*&=CA5&>I)( '<U-0 4444 %%(S*BEF8*JC)).
M !3+>X@N[:*YMIHYH)5#QRQL&5U/(((X(/K0!)13))8XMOF2*FY@J[CC)/0#
MWI] !14*W5NUV]HMQ$;E$$C0AQO522 Q7J 2" ?8U,2 "2< =Z "BHK:ZM[V
MVCN;6>*>WE4-'+$X97!Z$$<$5+0 4444 %%%0RW5O!-!#-/%'+.Q6%'<!I"
M6(4'J0 3QV!H FHHHH **** "BF22QPIOED1%R%RQP,DX _$T^@ HHJ%+JWD
MNI+5+B)KB)5>2$."Z*V=I(Z@'!P>^#0!-113(I8YHQ)%(LB'.&0Y![=: 'T4
M44 %%%17%S!:0F:YGCAB! +R.%4$G Y/J2!^- $M%%% !1110 4444 %%%%
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MO*E64D_=92/E7N,U*?!]B\,(FN;N:=+Z*_DN79?,GECX7?A0-N !A0!@<8H
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M%X3L#!?KJ$MQJ<]_$(+FXNRH=XQG:HV*JJ!N)&T#DYZ\TD'A2!;V*[O=1O\
M4I;='2U-VR$6X<;25"(N6QQN;<V">>30!RFE:YX@C\(^%O$=YK#W4FH36EO<
M6A@B2(B9PF\$+N#C=G[VW_9%7KO6=2L=8E?6-6O=(1;ME@46"S6$D((VEY0F
MY692>LBX(Z''.Y'X/T^/PWI.A":Y^RZ9+;RPN67>QA8,NX[<$$J,X _"B_\
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MR65#G?OVG'09XT+O5_$&H>'/$NOZ=JAM3ISWD5I9B"-D8094F0L"Q8LK$88
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MA\XQG.1Z_A0!QD'B?5)M%@BN-1,=S_:MUI[RVUKYMS.L3NH,<85E#<*68C:
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MS%F.3YS)&QB54.U54\ $9P<FI] LM<T3P)I5I#:0'4+8()[>9QRF_P"<*RG
M;:<@G(SP?44[_2]>U>_OM:L+>31;W^R9;*V2YDC9WE9@RN_ELZ@+MX.2?F/
M[@&O:^*XIKZSMKG2]0L%OF*V<UT(MDY"EL *[,IV@G#A3^/%;=S*\%K++% \
M\B(66)" 7/8 D@<^]><Q>'=0EUWPM=P^&KFU&GW3M>75]?1S3D-"ZDJ?,<LI
M9AGD'(7Y>..YTS0[329)'MIM0<N #]JU">Y ^@E=@/PH R?#>LZC=ZGXEBU5
MH0NGW4:(D0^6-3 DA&>K<L>3U]!TK'\(:W+K,>FWUYXCUE9;P"9;26PCBM6#
M@LL:RF ;B%Q]V0G(/O6YHFEZA9:WXKN7C6);Z[CEM'<A@P%O&F2 <XW*1@X/
M%4[VTUGQ+::=I^IZ4]E+;75M=7-VDL;0NT3!R(<,7Y90/F5< T 5]<\5ZA;>
M'O%&MZ=&9X=-62VMD54(\V,'S)6W$94-\N <_(>#FK5GJ6J:8F@2ZA/>30:@
MQMIUO4@$L4K M&V8<)@[2N!G[R="#G);1KM_ _C/PS;1^;J#2WC0H2%\Q;@M
M)&<DX_B*Y)ZJ:U_$T)O7\-:*!_I#WT-W( 1E([<B1F/MN$:_5Q0!T>HZA;:5
MIUQ?W;E+>WC,DC!2QP/0#DGV'6LRW\3H^H+9WFE:AI\DD;R6YN1$1.$&6V['
M8@@8.&VG]:G\36^J77AN_@T:41:B\6(6+;><\@-_"2,@'L3FN1@\/WC^(=&O
MK7PW/86]M!<0SO>7D<UP2\>%Y#OE<CKNSDY([T ;6G>/;'4;73+T:=J5OIVI
M&-(+R=(UC\QSA4(#E@2>,[=I/0U1\6^-WM/#6OW&CVUZQL8)474HXHWACG7(
MVX9MS;6X)V%1SD\&J\'AO5T^&_A326M,7UA=:?)<Q>8GR+%*C.<YP< 'H3GM
MFJ^HZ)K]EX+\0^%K#1WO3>"[>UO!/$D969G?8P9@P<;B/N[3Q\PYP >AVSM)
M:PNQRS(I)]\5+45LC1VL*,,,J*"/?%2T %%%% !1110 4444 %%%% !1110
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M% <!B<?2M+6%G\,:UI<%A?ZA-%J4=U'/%<W;S;2D)D$RER2A!4#"D+\_3.*
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MI"DDZW)A%S*(EE#!]ZQAMJMN&25 SDYSDUK6.F6>FFZ-I#Y9NIVN9OF)W2,
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M&TYP."> 1BKD?B>YA?4+34-*==4L[870M;&0W N(V+!?+8JA)RI!! QD=N:
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MA,$%BWE JXP2%*X/'(R2);3Q,UC-I1UN'R9?[$GOIIX[Z22-4C,><H54,Q#
M[B,KR 2"30!OR>%M'?38=/\ LKQP02-+"T5Q)')$S,68K(K!UR6.<'H<=.*2
MV\*:':6=[:1:>GD7LHFN$=V?S) % 8EB3N^53D<Y&>O-9\7BN^A_LVXU71A9
M6&I2QPP2BZ#R1.X^03)M 7)PHVL_)&<51@\=WLNC'6FT)%TN*\DM;AQ>9E4+
M,8MZ)LPPSR<LI'.,XY .DTO0-.T>266TBE,\JA7GN+B2>5E&<+OD9FVC)P,X
MY-6-3TVTUC3+G3K^'SK2Y0QRQ[BNY3U&001^!JW6-K.N/I][8Z=9V@O-1OMY
MAB:7RT54 +.[8)"C*CA2<L.* +6HZ-8:K!%#>0;Q"V^%U=DDB;!&Y'4AE."1
MD$'FJC>$M$;2Y=.>R+02RK/(S3.96E&,2&4MOWC:,-NR,#FN1\7>*=7ET6ZT
MZVM4L=4@OK.WNT6^9?W<TBA6BD5-VUOF7=A67!(&0 ?0+" VVGV\#!@R1JK!
MIWG(..1YC_,_U/)H RX?!^A12S2FQ\Z6>W-K/)<S23M-$3DJY=B6''?..U36
M'AK2].O#=PQW$D^THKW-W+<>6IZA!(S! ?1<=!Z5SWCVXU<ZCX<TZP %M?7Q
MCGV7\MJ\F(I'";XU+*ORYR#DD 8P20#Q>;#R(+72Y[A[K6[C3562^9R&0.=^
M7!PIV?='W0>,XP0#=M?">BV5Y%=06C!X6+P1O/(\4#$$9CC9BD9P3]T#J:>?
M#&CG1+S1C9_\2^]:5[B'S7^<R,6?G.1DDG@C':L^#Q7<*=4M+W27&IZ>(6:V
ML9&N%D64D1E6**<94[B5&T D\<U#9^,W.K2Z3?VU@E\+*2]C6QO_ +2I1" 0
MQ,:%3D\<$'!YXQ0!I7GA'1+^\GNKBT<O<@"X1+B1([@ ;1YD:L$DXX^8'BHC
MX)T#RK"-+.6/^S[<VMH\5U,CPQD@D*ZL&!^4<YSC(S@FL[3/&M[>6>@:C=:(
MEMIVL^6D<BW?F212.I90R; -AQC<&SR,J.TL7C"\O))[JPT.2ZT>"[-F]Q',
M3.S!]CND(4[D5LY.X' )"D#D UX_#>D116,<=DJ+8W!N;?:S#;*0P+DY^8G>
MV=V<DYZU%)X2T2:^-V]HQ8RB8PB>00-(#N#F'=Y9;/.XKG/.:SXO$31Q:J;3
M39YIXM4>T57N':/<(U8R.Y!\F/'7 (!Z EL5BZYXQFO/#?B:R5H;35=-MHI6
M?3[TS(HD)VXD"H0WRG(('4=0: /1**** "BBB@ HHHH **** "BBB@ HHHH
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M]6L)!9*6NMERA\D#KOY^7\<5G:/XWT+5/"]KK\NHV5G:3 ;C/=(!$YQ\C-G
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M9;IW:R&EO-J#3&8E94S<#=SA@^T* !T K0\90C4?$\US:6TUSINFQ1+XD$!
M%V@8,L>T EF09=AG[IV\YQ7K%% 'EWB*X>Y\0^((]*ND6[U7PS&NE%) K7+
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M1Q";:\6(<21KMR4)/# L",]&//>@#GYKS6=%\8Z_J-U;PW]U!H-N8Q:1,@F
MFF.=FYV&,G@$Y XZXKHO#.M3ZI/<1OK6AZI'&"&;3U:*2)P<%7C+O^>X?3O3
M+7PUJB:M>ZM=:\&OKFTCME-O:"..'8[,"JNS]=V""3WY'&);#PY=#Q!'KFK7
MMK<WT-N]O$;2T-NFQBI8L"[EC\@QR /3O0 >-;_^SO#RW'V2UNLWMI'Y=U'O
M3YIT7=C^\,Y![$ UF7'BN^'B&YL?M^C:<T5P88+'4D=);Q0%)=)=X !W\ (_
M0^^-_P 2:)_PD&DBQ^T?9\7,$^_9O_U<JR8QD==N,]L]ZS]=\-:CKT%WIUQJ
M]NVD78*R0R6(:=%/!$<@<*OL2C$<\^@!G7_BV_AUZ\L3>Z+IC0S^3:6VJ;T:
M_&Q&W)+N 4;GV\(YR/PK=L=7N+GQ-K.FR)$(;&*W>,J#N)D#ELG//W1C@53U
MGPUJ.K6=UIG]KP#2;J,Q/#/8B66-2NW$;[@!Z@LCG/>E;PQ=VNK2WFDZJMK'
M<VT5O<QS6WG,1&"$:-MR[6PQSD,#QP.X!SD7Q'EFT;PV+B\TC2[_ %:Q-[+=
MWQVVT2@J"JJ9%+,2W WC !/.,59L_B#)J4$>GV#Z?=:K)J']G)=0,9+1B(?.
M,PPV2NT'Y-V=PQN[U?L/!$ND:9HBZ=JB1ZII5F;);J6V+QS1$J6#QAP>J C#
M @^O2K4WA2>YM(I9]6EDUB"Z^VPWC(3'%+L*;5B+<1[204W9.2=V>: ,[P^N
MH+\3==74FMY)AI=D!);HR+(N^?G:2Q7G(QN/3K5OQ]]I_LW2#:1K)<#6+0HK
MG"Y\SN?0=:MZ/X>O+'Q%?ZU?ZHEY<7EM# R1VWE)'Y9<_*-S'!W]"2<YYYP+
M7B'19-<M+:&*]>SDM[J*Y65$#G*'.,'CF@#G]5\2^(-#-[:7$=A>WEO9#48W
MMX'03PI(!,@C+L0X4C:=Q!)' K:AUYK[Q+;:?8&"6T^P?;+B7)+ .0(0O;YL
M2'G^Z/6FVVF2Z?<7.MZU=B_NQ;^3_HEDZHD0.XJD0+N23@GDDX& .E4/A]X?
M?0])NI)4E0W5RS012C#PVRG;#&1@8PHS@\@L10 [XD&^7P9.UA<Q6[^? '9X
MF?<IE48&&7')&>N1D8YR,JVCUT_$?7([*ZTY+H:58^=<36KM&6#3?=C$@(!Y
MZN<8'6NM\1:/_;VA7.FB?[.TNUDEV;PC*P925R,C*C(R,^HJ#3-"GL_$%[K-
MU>QSSWEI;V\B10&-0T1D)899C@^9TR<8ZF@#EY?B-OL]$B>YTO1[S4;>2>6Y
MU&3-O"(W",JC<A=F8G W#@$]L5T'A#Q/'XDMKY1/:7$UA<?9Y;BR?=!-\JL'
M0Y. 0W3)P01DXS52V\%RZ=;:;+IVII%JEA%+ MS+;%XY(I) [*\8<'J!@A@0
M1^%;VD:?<6$$IO+^6]NIY/-ED;*H#@#;&A)V( .F3W)))S0!S_BG_D>? _\
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M%+'(^\JT8=3P0,$,,?CBJ\?@.>.&YD.M-+?OJ_\ :\,\ML"B2>4L>QD##<H
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MGN-^S9CS)&?&,GINQGOCM0!PE[;>&8?B=K$6LZ&E[;0Z79K;QKI#WBP@&7.
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M"R'<[;^'^\-O3ISQC6/Q+BD;2[J?6/#\T.HS11'3K6<-=6OF<+N(=A(0Q4,
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M500 1G<.15ZXUW7[26UTB>TM!JMY=/!;76/]'>-8_,:8Q[RXQRNPMDG^+'-
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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MWMH$1TBWE;DRG=N:7/\ M(( ?<-70>.[&YU/P'KME90M-<SV4B11KU9BO %
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M+)HKZTM;_2KR::VO=2:\8NGEX/S%@F-Q'RM@Y/' )Z;X??\ ).?#?_8,M_\
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M#('XSN!QSMJ;7?&=SHL.H7KZ7 NGV&[S'N[SR)I@H!+0QE"'!.0,LNXCCL:
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M<7DT[Q94J55G<D+@GY>G?&:R[GQZ8(K.-=(DDOY=6&DSV@G7,,A1G#;L892
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MR@]\D#=SJ66G:1J_B+Q0OB""WE.GRQK9QS@;;6U\E2LD0/W,MYGSK@Y7&?E
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MZ@64*?4!@<&H-/\ #'A_2+K[3INA:997&TKYMM:1QO@]1E0#B@#AY1?^&O"
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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MHX9P>3GG-9#QWR>!-(\.#2-3?4++4;07&VTD\M56Y5BXDQM=<#/RDXSSC!H
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M=H2::VH27WEVZ3K;2>9$Z/'*V,(Z%=RDY'! ZBB3Q;I$5M;S/)=AKC?Y5O\
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MR38EW%5@6"-L+D_,PYW' P,UUVL65Q-X_P##\\5O(T$=A?1O*J'8C-Y.T$]
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MQ$Y^ZBJJD<_= ZG.:UM)T\Z5I<%B;RXO!"NQ9KG9O*CH#L51P..GUR>:NT4
M<U=^"=/NY;M3=7D=A?3>?>:?&Z>1<.<9+94L <#(5E![YR:DO/"-M<S79@U#
M4+&WO<F[MK1T5)R5"DDE2R'  RC*370T4 8,OA2S6Z@N-.N;G2I(;=+0_8O+
M >!"2L9#HP &3@K@C/!J'2_!.EZ3;:5;P2W3QZ9+<2PB:0.6,V_<')&6'SG'
M?IDFNDHH Y1_ 5B\=E;G4M3^PV%U#=6=D)$$4#1L&51A-S+QC#%L#ICC&]K&
MEP:WHM]I5RTB07D#P2-&0&"L""02",\^E7:* ,JYT"TNKK1[B1YMVE.SP $8
M8M$T9W<<_*QZ8Y_*L9_A]8R::FEG5-4&FPR));6BR1A+<HP90I";B 0.'+ 5
MUU% &+?^%].U'Q-IFOS^=]KTY76)5?"-N! +#')4,V.>-QIEWX8AGU&XOK/4
M;_39KO:+K[(Z 3[1@%@ZM@XP-R[6P!SP*W:* *]C96^G6,%E:1"*W@0)&@[
M5RUY\.M/O-*OM';5-5CTB[:1S8Q2QK'&SMO)5MF_[Q)VLQ7)Z8XKL:* (I(%
MEM7MW9BKH4)[X(Q6-#X2L(=/\/V2S7)CT)D:V)9<N5B:,;^.>&/3'/Y5O44
M<]J'@[3M2;47EENDEO9X+GS(W :"6$ 1O'QU&T'YLC/;'%,@\&VJ:S_:UWJ6
MHW]ZUG)8N]Q(@#Q.P;&U$55(V]5 ZG.:Z2B@#FT\'6\5C80PZGJ$5U8(8K6^
M0Q>='$<?N^4V,N%4?,I/ .<\TY?!FG#[$[S74EQ;7XU%[AF7S+B81M'F3"XQ
MM;&%"@8&,#BNBHH P-3\(:9J]]?7=V9R]W;0V[!7 ">5(TB.O&0P9LYR1P.*
M;!X2B36+75KK5=2OKVVAD@22X:, H^,@JB*O8<@ \<YKH:* *&AZ1;Z!H=EI
M-J\KV]G"L,;2D%B ,#)  S^%9<W@VSDDNDBOK^VL;R1I;NPAD00S,WWLY4LN
M[J0C*"2<]371T4 9(\.V2ZI?:@K2K)>6<=FZ*0$6--^-HQP?WA]1P.*J#P?9
M1:;I-K:7=Y:7&E6RVMK?0LGG",!05;<I1@=BY!7&1D8KH:* .?/@[37TUK61
M[F2=KE;QKXN!.UPN-LN0 ,@ # &W'&,<5#+X(L+FQOHKN\O;F\O7B>74)#&)
M\Q,&BQM0( I&0-N#SD')KIJ* ([>)H+:*)YY)W1 K2R;=SD#[QV@#)Z\ #V%
M2444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 5P\.GZYH>GZSHUEI!O5O;FYFM+O[1&L2><2Y$P8A
MQAF8?*K9 '2NXHH XSPCX7N_#NO72LI>Q32;"RAN"P_>-") W&<C[R]1WXK7
M\'Z?=:5X5LK*]B\JXCW[TW!L9=B.02.A%;E% 'G=UH&M26=[IZ:9(<>(X=1C
MG\V+9)";A9&(^;<"H!R"!GMFK_BOPK>>(]0U2&,B&WO-$:S2X8@A93)N (SG
M'OBNUHH X+3/#L\^MZ9/-HNHVHL)3*\VI:S-=HS;&4>0GGL,\_>=1\I(QD\=
M#XET^ZU#^Q_LL7F?9]3AGE^8#:BYR>3SUZ#FMRB@#SJ7POK#>(OM0L\P?\)2
MFH;O-3_CW%IY9?&<_?XQU[XQ5[6M$U^77/$E[I.(9+K2[:"TG,H7=(CREU!Y
M*G:P ;'!;/:NWHH \[@\/WC^(=&OK7PW/86]M!<0SO>7D<UP2\>%Y#OE<CKN
MSDY([U)!X;U=/AOX4TEK3%]876GR7,7F)\BQ2HSG.<' !Z$Y[9KT"B@#B;.R
M\1>'9=<M--TU+O\ M#4);RSO'E7RH?,"EA,I<.<-NQL!R,#BJ%UX=U_9KA2&
M8PW>MI=2PVMR(9;NV$$:LJ.'&PEUZ%ER%(R <UZ+10!Y?>^%=5NF\5RV>@FR
MCU/0?LEM$]Q&9'F'F<2$,0&.\#.XC '->@/!,/#YMQ:0W,PMMGV:9]J2';C:
MS8; /3.#6A10!PFGZ)J7]M,UC8ZGI&GF"5+JWO;Y9X9V9<)Y2"1]F#SGY..-
MI[9]GHWB"WT7PO:7FDWTUCIEH;:\L+6\CC>:5%01R@^8JO'P_P K,#R"5]/2
MZ* /+8_"6LKH7B6*+1HK5[C6K;4+6UBG0^9'&868 Y #GRVSNP-QZD?-5Q_#
M=[!KFJ:D^D:S<)JKQW*1V6LM:M;/Y:HR3*DRJ0"H.]2YYQ@X&?1J* ..T#PU
M=:-KNEL+:*.TMM'>U<PR,R+*95?:-[%R.&Y.?Z5F_P#",ZQ_PKW^R_L?^F_V
MU]J\KS4_U7V_S=V<X^YSC.>W7BO0Z* /.;KPI=V5]K(BTS5-0_M"YDN8)+;6
MY;6!"X&5F195P-V>45R16IX;\-7.A^*II!;1QZ>FC6EG$\;DKOC:3<H#,7P
MP^]GKU-=E10!Y[I/A_6=,MO#TTFG/+)8ZG?RS0QRQ[A'.\NQ\E@",.I(SG'8
MGBGWVB:D^J+)H^CWVDWPNE=KN#45^PO'YFYRT6[YF96<X,0^8_>XS7?T4 0P
MS22S3H]K+$L;!5D<H1*, Y7#$X[?, <CICFIJ** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH \QU"SL;OXI:Y]M\)?\)#MT^SVCRK9_)YFS_KW7&?]G/3GM1IGBRW\
M,^'=3+1?89%UA;.+3KR18X]/WJNU2X.T1[09/E) S@5T]QX=U>+Q3?:WI6K6
M-N;VWA@DANK!Y\>67((*S)UWGL>E-3P5$UK=/<7K-JEU>1W[WD<84+-&%5-J
M$G"@+C:2>">>] &-'\2K6Q.HQW6J:1K)M=.DOTFTA\!@APT;+O?:?F7!W<Y/
M Q6Y87WBF+RIM1L["YMYK5YR+,F(VS@ K$QD<^9G)&\!<$<@ \/;PU=:I;7\
M/B'5/ML=Y:M:&"UB:WA1&ZL$+N2YX^8DXQP!DYKGPEJ%[;M::OK\UQ9K:2VD
M<5K$;?<KKMW2D.WF.%Z$!1DD[?0 R[#QQ>2:CHBR7FE7UOJMQ]F:.PBD(MG\
MMV/[_<4EP4*\!<\D=#5N/Q=?OX!O->,-M]J@NYH%3:VPJER8AD;LYVC/7K^5
M3#PCJ<\NB&]UR"2+1[A9H(X+'R@ZA"F'S(WS;6/(P/\ 9JO<>!+U](N]%M]=
M6#2I[EKI4^R;IE9IO-*F3?@IDGC:&_VO4 =JWBJ_M==N;$7NCZ7Y4BQVL>JJ
MR_;R44Y24. @R2OW7.1T[5!J?CM(_$5_I,>M>']).GK%YK:I-S/(R[RB#>F%
M *_/\W)/R\5LZUH6JZLEW:+K%M_9MX-DL%SIXF9$( *QL&4#N<NK\GT&*BB\
M*7.E7,DV@:FEFL\4,4\=S;?: WEIL5U(92'VA022P^4?+0!I>&M=@\2>'K35
MK?:$G4Y".'4,K%6 8=1N!Y[UCG7-<U3^U;K11IPM-.GEMQ%<QNSW4D8^<!U8
M",;LKG:_3.!71Z;9'3]-M[1KJXNFB0*T]P^Z20]V8^I/X#MQ6'<>&+^.34(]
M*UA+&SU&1Y;B-K7S9$=@ S1/N 4G&?F5QGF@#FDG;Q;\0?#5_NLIM*ETA]0M
M[:YLR[1'?#SDO@2 MPX7Y1D8.<CKO%-[]B@TMOLUM/YNJ6T.)X]X3<^-Z^C#
MJ#V-,L?"EMIFLZ7>6<ICMM.TQ]-BMBN3M+1L&W$]O+QTYSG-7-;T?^V([)//
M\G[+>PW>=F[=Y;;MO48SZ_I0!QFF:IKVD6OB:[+V]\?[=%NH6V=1"&\I6D;Y
MV)158':,?=)S@\=/X6UF7689Y/[6T75;=-H2YTPE?F.25>,L^P@;<?.2<G@=
MT@\/W]E/JSV.KK E]<_:T!M0[1R$*&#$MAD(4< *1S\WH_2/#T]GK=WK6H7<
M%QJ%S ENQM;7[/&$5F8':6=BV6ZECT& * *FN:JUEXPTVW2TM)&?3;V<3R1Y
ME0IY7RJV>%.[D=\#TK.TKQ1X@FTKPQK%\FFFTUCR8I+>")UDB:1"0X<N01D#
MY=H(S]XXYWM4\._VEKUIJ?VKR_L]G<VOE^7G=YVSYLYXQLZ8YSVJM;^$_(\.
M>'=(^V[O[&>W?S?*QYWE+CIGY<_4X]Z .0T?5]9T#PGKVM1"Q;3K#5M0EDMV
MC=IIT%PV[#[@$(YP"K9QU&>-K5/'<4?B._TF'6M TK^SQ'YC:M+AIW9=^Q%W
MIM4*5^?YN21M.*O2^"O,\%ZUX=_M#']IS74OG^3_ *OSI&?&W=SC=CJ,X[5;
MF\/7L&KWFHZ-J<5F]\(_M4<]KYR,R+M#KAE*OMP,DL/E'RT 85IXUU+Q%>Z/
M;Z$=/A74-/GNGFG1IUC>*18V4;77<,DC.1V/M5>Y^)">?JDD6L^';6/39Y(/
ML5[.%N+LQ\,1\X\K+!@N5?.!TS72V?A8VFNZ;J;:E<7+66GRV3?:/GDF+NC&
M1GSURG3&.>, 8J%O"^H6S7\&DZW]AL;^:2>9/LP>6)W^\87W )DY;YE?DG&*
M *-IXFUCQ#KEW9Z')IT-HNG6E]!<7,#RD^=O."JNN1A1R",<]<\9[:OJVO:G
MX&U"":VLA<O<>= T32C>L;A\$.N1@$#(X)!YZ5U>G^'AI_B2_P!6%T\@NK6W
MMA$X)9?*W_,7))8G?Z=N^:S[?P?-9V6A1VVI(+C29I)%DDMRRR+)N##:'&#A
MN#DX(S@]* '_ !%_Y)_K/_7#_P!F%96L^)[S1YO$<MC86!N+:_L+=69"IF$W
MEJ3(P.20'(![8'!KJ/$6C_V_X?O=*\_R/M*;/-V;MO(.<9&>GK63JG@S^TI-
M5?[?Y?\ :%Y9W6/)SY?D%#M^]SN\OKQC/?% $(U+Q6WB6YT$3:,)!:+>1WGV
M:7"*7*^68O,^8_*?G#K_ +M4+?Q+=:Q?Z&8K2P@O+O3K]OM$D)D:"2)XT(0[
ME.PG)(R"<+R,5U:Z/M\4R:WY_P!^R6T\G9TVNS[MV?\ :QC';K61I?@H:;>Z
M5<&_\T6$-Y$5\G;YGVB59,YW'&W;COG/:@#GO#6NZGI?PW\+O<ZAIJ-?1JHO
M;P$",%,JNSS-T\C-_=*]SQCFKK_B75M8\,:E;Q75M%<:?K-E;27*6LJ+<([P
ML"$9PRC+C()8,H.#\P(Z&P\#W^F66CI:ZU;_ &K1ED@LI9;%F3R'51MD02C<
M_P OWU*_3'59? <UQ::VDVLF2XU.[M[T2FV $4L.PJ-H;YD_=J,9!QGG/- $
M5_XGFT34=;#6-G/>Q#3[>)XHS$;B:8LB[VRQ"!N1U(!/6K-]XAUG0+C[+JIL
M;F2YM+B>TFMH'B59(DWF-U9V)R,G<".A&!4UUX+&I'4I-0ORT]\EH?-MX?+\
MF:#++(@+-_$0=ISC&"33I?"MYJ4LEQK.JQ7-RMK-:VIM[4PQQ"50&<J7;<_
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M.ZM;22W0@JRE=KL^X]#D-WZ"NBO_  2UW=ZG=Q:GY-S=:C;ZC Q@W+#)#&B
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M5AN+U[&:QMGM[0PQ0)* ';89&+,2%YW 8& !UKI;*V^QV%M:[]_DQ+'NQC.
M!G'X4 <:WBW5V\-2^+H4L&T2,-,+4QOY[P*Q!D$F[:#M!8)L]!NJ:Z\:3V5C
MXD::"![O3RC6,:DJ+E)E'D9R<@ER4/NO:I)O!,\FES: NK*GAV9FW6HMOWP1
MFW-$)=^ AR1]S< >&J[JOA*+4_$FE:L+MX4LN);94!6Y"\Q;CVV,2P^M &'>
M^.FBUN[TA];\.Z5/I\<(N'U*3;Y\K)O98U\Q2J@%?G);DXP<46GC74O$5[H]
MOH1T^%=0T^>Z>:=&G6-XI%C91M==PR2,Y'8^U;UQX?O8=8O-2T;4XK-[_9]J
MCGM?.1F5=H=<,I5]N!DEA\H^6DL_"QM-=TW4VU*XN6LM/ELF^T?/),7=&,C/
MGKE.F,<\8 Q0!9\3F]3PIJ;V5S%!=):NPE>(N!A23@!E(.,X.>#@\XP>(TRY
M;PU:Z%#%I^CM/+HEY?FXAL?*;>JPD<[R?FR-YSEBH/%>C:C:?VAI=W9;_+^T
M0O%OQG;N4C.._6N?NO!OVEM-/V_;]BTJ?3?]3G?YBQKO^]QCR^G.<]1B@"C9
M>)]=6+PO?:C%I_V776CB-O CB2W=X6E!WEB''R8QM&,]35/6_'E[I,.I:@9]
M/$6G2.LNEI ]Q<%5)Y:6.0I&2N&PRG:.I';H7\*[M/\ #%K]MQ_8<T4N[RO]
M?LA>+&,_+G?GOTQ[UBWGP^O[CPWJ?AN'Q D&DWCS2+BRW3H9'+D-(7PR[B>-
MH.,#=WH LIKWB+4-?\26-A_9D%OI$D(CDGA>1I@T*R%" Z[3D_>YX(^4XS4=
MEXQU#Q%-I%GHT5K:W%[I*ZI/-=HTRP*Q"J@164L2=W.X8V]^E;>G>'38:GKU
MZ;OS#JSQN5$>WRMD*Q^ISG;GMUQ[UE6/@BXTBWT:33-62+4=-TX:<9IK4R13
MQ@J?FC#J005R,/QD]: !=8U#_A*-#M]1T:TBO9;&]=S\KR*8WB $;YPJ.""0
M>?NYQBJ-GXVOFO=*::[TNZAO[A;62UL89'-M(0<YN YC?:P(/RKGMTYU#X)$
MMU9S76K75SY5G=VTS2DEY/M!4L5;/R!=N H!P"/3F&/P=JC6NC6EWK\4EOI%
MQ#+;K#8",R+&, 2'>03MSRH49YQVH D^'G_($U'_ +#-_P#^E#T]=<UBY\7Z
MOIL)L8-/TM;>6266)W>59%)91AP%(VDAL$<@8[UJ>'M$_L&QN;;[1Y_G7MQ=
M;MFW'FR,^W&3TW8SWQVI+/0EM=?UC4VG$BZDD*&$IC8(U9>N><[O08]Z .)M
M?BG!-96FL2:MH)M;F5%_LF.<&]C1W"JQ/F8+ $,R;..?F..=G^W?$]S_ &[<
MV<.F+;:5<RQ1Q2HY>["(K8#!L1GDC.UL^@[V]/\ "M_IMI:Z5!KCKHMJR^5"
MD!6X"*V5C,P?!0<#[FX@8+=<YEAH.N7LWB6W&I/I]A>:C,K(]GND,;1H-T+D
M@+GD9*N..,4 7H/$FH^)+S[/X<DLK>..S@NY+F]A:8-YRED145T(X&2Q/?&#
M6;%XVUC5=5T;3-.M[*VGNFOX+Q[A6E$$MLR*2H5EWJ23QD'D<C!!VY/"]Q8W
M@N_#M_#I\K6T=K*EQ;&XB9(P0A"AT(8 D9S@CJ*BT_P1!INK:1?07DC&Q6[,
MHD3+7$EPRL[DY 7E3P!W[8H Y7[=K%A'\0;O49=-U%+:>)?LTMHYC+>3$0,-
M(?D /W>[9;(SBNB77?$5_P"(/$EA8_V9!;Z/+"(Y)X7D:8-"LA0@.NTY/WN>
M"/E.,T_4?!4U[)XB2/5$BM-;"/)&UL6>*551-P;> 5VI]W&<G.[M6I8^'OL6
MK>(+[[5O_M>2-]GEX\K;$L>,Y^;.W/;KB@#%T[Q;J/B8Z=!HJVEG-/I<6I3R
MW<;3+$)"0B!%9-Q)5^=PQ@<'-:WA+6+_ %K3[R74H((+BWOY[4I"25Q&^T')
M/)/^17--H\G@]-)6RN;Q;NUTQ+![Q-'DO8+A5.0&BA;S%8'<0<[?G(R>V]X&
MTR\TS0IQ?>;Y]U?7%U^^(W[7D)7<!P"1@X[9QVH KWFM:_-X@UK3]._LZ&#3
M+>&<2W,+R&4NKDIA77;]S[W./[I[5=.\6ZO.GA;4+N&R6P\0%46WB5_-MV:%
MI5)D)PX^7!&U<9ZFN@30MFK:S??:<_VE!%%LV?ZO8KC.<\YW^W2L^W\'>1I7
MA2Q^W[O[ >-]_DX\_;"T73=\N=V>_3'O0!C:AXYO[$SW;7&EF.UNO(GTR&%Y
MYU7?M!:9'V(VTJQ4H0.A/>M*X\7W&G6?B-+V*$ZAI<@^SQ(-HN$E_P"/? +'
MEF.P\CYE.,56D\!Z@WAV;P]'X@2/2S(9(0++,R_O/,"NY?#C/HJDCOWIVK:0
MNN_$32Y8X;Q8=.0O?.]NR03%2KP*&88<JY+90D+@@D$@4 =C 9Q:1FXV&X\L
M>9L!"[L<X!)XS[UP&E>,_$,_A+1/$^H1::MK?RP0RVD$3^8#+*(Q(LA? '(.
MPJ?]ZO0R,@CUKDX/!'D^!M)\-?VCG^SY;>3[1Y/^L\J59,;=W&=N.IQGO0 '
M7-<U3^U;K11IPM-.GEMQ%<QNSW4D8^<!U8",;LKG:_3.!63X9U>]U[XARZE!
M>1?V7<:):7,=NT#;U5VEP,[\!MPY.WD8&!C)W;CPQ?QR:A'I6L)8V>HR/+<1
MM:^;(CL &:)]P"DXS\RN,\TNG>$4T77;6\TNY2&RBT^+3Y+62(N6CBWF,J^X
M;3E^<ALX[=: +/BG5K_2+&S?3;>&XN+B^AM@DQ(7#M@G(Z8Z]^E<]KWB_6_#
M%KJ4%ZFGWE_!8B]M9(8WA28"54=&0NQ4C<O.XYW=!CG7\;V=[>Z?ID=B9EF7
M5+9S)#'O,:A^6(QT ZYXQ534O!-UK=GJ!U35TDO[NV6U66&T\N*",.'.V,N6
M)8@9)<]!C'2@"'6O%E[X?O-/TK4M3T2UO+_S91>7*F&WMXD"\%6DS(^Y@!AE
M! )XQ@P6_CZ6>QGG@ETZ^33=0AM]0N;-M\,D$@'[V,ASM*EAD$MC:P]#72:Q
MH4E_J-EJMC>"SU*S62..1XO-C>-\;D=,J2,JIX8$$=>3E8]!>?2=0LM7O&OV
MU!66X)4I$ 5V[8XR3L7';).<DDT 86N^.GT:XU>3R[5K*QDMK-9))-G^E2G)
MWN>%1%9">,\FJMGX^/VF[L#J^AZQ<C3YKV"?2S^[0Q@9CD3S'(SN!!W#(!X&
M.=.P\#16_A"/1;S49[N[6Y%ZVH%0LC7 D\Q9,<C@@#'/ Q5H:!JMW%=_VOK:
MW$LMI):QK:V[00H'&"[1F1M[\=21@9  R30!E6GB;7Q;^&;V^CTX0:\4B$$4
M;[[9WA:4,7+X<?)@C"XSU-3?#-M0D\+S2:A=Q7+'4+L*R1,A&+B0')+MD9''
M3 P.<9K0?PKNT_PQ:_;<?V'-%+N\K_7[(7BQC/RYWY[],>]6/#FA2^'[:ZM/
MMBSVKW,L\"^3M>/S'9V#-N(;YF." O'KUH J7NL:I>>)I]!T5K."2TM8[FYN
MKN)IE'F,P1%170D_(Q)+<<<'/&(GC36]0US2]&L;>QMKJ:2^M[V2=6E6&2W,
M>&0!EW*P<'!(/S#D8.>AU#P_=-KC:UH^H165]+;K;3BXMS/%*BDE25#H0R[F
MP0W1N0>,5+#P3%I^M:9J:7TDDEI]K>?S$RUQ)<%"S9S\N-G P>,#M0!T\(E$
M$8G*-+M&\H"%+8YP#G S3Z** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH I7NKZ;ITT,-[J%I;33G$,<TRHTA]%!//X5F:
M3XML+WP?I_B+4IK;2[>\A24_:;A0B%NB[VP#^E8BWFFZ1XN\3_\ "1201&_\
MA;,S@#[1!Y07RHR?OMO\SY!D_,#WKE=%:ZT^S\(ZF=1L=*TV+1#%%/J=LTL,
M,I<9!(E0(Y7: 2><,!0!Z-KWB_2- LK"\N;RU\B]N(X8Y&N$52K'!?)."JCD
MU?N]=TC3YK:&]U6QMI;K'V=)KA$:7) ^4$_-U'3UKSE4^R>&TU":]CDT\^)8
M;OSUM/LEO''O7>Z NY\LL&;<2,DDC@@E)[B:QU[Q0-1UK1K*/4IP;9-2L6G>
M\M_*0*L)$R;ADL-@!.2?44 >EZCJVFZ1 )]3U"TLH2<"2YF6-2?3+$5F7OC#
M2;+Q1IF@R75N+F_A>5"9T& "H48SDERQV^NT^E<?I&SPYKVEW/B>Z:.T7P]%
M;V]YJ2K%LD#_ +U')9E61@8^-QSM(R<5-:W&F6/BCP;-!:RZ5I;V=[;6L=Z=
MGS/)%Y:#+'&[!*KG..PQ@ 'H=S>6MDJ-=7,,"NVU3*X4,V"<#/4X!/X&L\>*
M/#QLXKP:[IAM9I/*BF^UQ['?^Z&S@GV'-97CBWAN9/#,4\:R1G6X"589!(20
MC]0*IPVEL?&/C64V\1D>PME9B@R04DR"?3@?E0!UGVY1J+VQDM0BVXF/[_\
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M_I*LWGLQ9]WWF+G;D]..NO=.()O$-W)D6]KXMM9YY,$B*-8H-SMZ*!R3V'-
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M8Y(C]H3><!2K!0% &3\I- 'M-%1P*ZV\:R,6<( S$8)..34E !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%<3X@U/5;/6
M+HW>HZCI6G1F/['<6=BMU"^5RQG_ ';,H##'!08(.[G(OZ7K5S>^.+NR6[CG
MT\:3:W47EH K.[R@N#UP0J\9(H Z)[F".XBMWGC6>4,8XV<!G"XS@=3C(SZ9
MHGN8+8(;B>.(2.L:&1PNYR<!1GJ2>@KS*QN=7\1:EX6G;4C!<F;5XY+E(4+K
M&DVQ0H(V[@ HR5/0Y!-:T^OZQ87+Z7)>&66UUFRMOM1C3=/!-M)#@*%#<L"5
M XP1B@#O**\T;QAJ.H2ZQ<VUWJL#V5W/;6=G;:)-<0S>4=O[V18FSN93]QUV
M@C.:T[76=7\4:]<V%I=7&BK96%K=.GD(96EF#,$<2*<*NW!  ;/<4 =KYL?G
M>3YB^;MW;,_-CIG'I1)+'"%,LB(&8*"S 98G 'U)KAM,L]4/Q.6?4=2=;D:)
M"UQ;VXC,!;>ZE5+1A]FX%ASG)ZXXJW\0K6:YM-$$-_<6A_MBU7,*QDY+@ _.
MK<CJ.WJ#0!V-%<=!-K>OW>L/9ZS+IT>F71M((TAB<3NJ(S-+O0G!+8PA7COZ
M;/A;67\1^$],U=HO(DO+9961>=C$<XSVSTH T'OK2, O=0*#*( 6D S(3@)_
MO9XQUJQ7CEC9WL/A.,1ZE--,_B\HC7*1D1D7;@OA%7)/4@\9Z8'%=!JOB;5?
M"4^OVLMW+JPL],@O+9[F)%D\R25XMK>4B@KE5/"YZ]: /0Z*X72M=U%/$&G6
MHN-;U.VNRZW+7>B2VJVK!=RLKF) $R"N&+-\PYX.=7QIJ.HZ?9Z4-,N%MYKK
M5+>U=V0-A')#<$=<<CW% &^MU;M=O:+<1&Y1!(T(<;U4D@,5Z@$@@'V-/FFB
MMX9)II$CBC4N[NP554#)))Z "N'N-2\1V.LZWI5C=R:I/::/#<6RSQQ*[RO+
M,"3M503M50!P/E'3)-5;C5EET'Q'82Z]?W<XTNY;[)JE@MM.-J$%D*I&&3D=
M%;J/F[4 >AHZ2QK)&RNC ,K*<@@]"#222QQ;?,D5-S!5W'&2>@'O7$>!];O-
M?NB#,]E9Z=:PQII[Q!99P\:D3N6&0AY"A<=&W'/ L>/K.>ZN/#/DZE=6?_$W
M1?W"Q'DQOAOG1N1@X[?,<@\8 .LANK>Y>9(+B*5X'\N54<,8VP#M;'0X(.#V
M(J:O,[6+54N/'M]I^L2V9M-0:9(TAC=976UB.)-RD[3@#"E3UY]-*YUZ^U.\
MM+>'4+NU:33X;LPZ3;K-,&<'/F&6-D1. %&=S$'L* .W:6-'C1Y$5Y"0BE@"
MQ R<>O )I]>6V5]J'B:^\#ZE<WMS9SF[OH9(XEAY,0E0DY5@"P3!P<<G&#@U
MVGC/6Y_#WA'4-3M41[F)56$2 E=[L$4MCL"P)]A0!O45QFLW?B#PGIEYJ$FH
MIJEN8E5?M,:H\5P\BHNT1H 8OFR=QW#'4YX6^O=6\-:KI45SJTVI0ZF\L#":
M")3#*(VD5DV*OR?(P(;<>1SQR =E51H+:\OH;D2[WLRZA%<$*[ 9W#^\ ?R8
M^U<!I6N>((_"/A;Q'>:P]U)J$UI;W%H8(DB(F<)O!"[@XW9^]M_V15$W.K:!
MI/B6\L=8N&N'\20VZ^?%"R@.\*L<!!R5;!YZ 8P<D@'H^LZ-;ZY:P6]R\J)#
M<PW2F(@$M&X=0<@\949]O2KDUS!;F(3SQQ&5Q'&'<+O<@D*,]3@'CVKE&?57
M\0Q^&(]>O5,5G]MGU!H(//<-(51%_=^6 -K9.PGI]:Q[C5KN^O;#3[Z037.E
M^)X[8W"H$$JF!G4D#@-M< XXR,X&<4 >D5EZMH<6LSV+7-S<""TG6X^S)L\N
M5U(9"^5+?*0" I'OFN6L]<U"WU>$:[J]]IMS+<E/L<]@ILG4R%56.8(#N("D
M;I#RWW>PW_&NI7ND>#=4U#3I%CO((=T3.H8!LCJ#VH WJ*XF5M>A\96N@GQ%
M<-!>V,UV\WV:'S(61T7;%\FT+^\_C#GCK5.W\3ZG/H%HD^HF*Z.IW5A)+;6O
MFW,ZQ/(@,485E#?*I9B-H )QR, 'H5%>;_\ "1:]:6NL.9[R9-#NH)Y?M4$*
MS7%JRYD5A&N 5&6! 4G: ??J-*U>;5_%&J+;SJVEV,<4 "@'?.P\QCG&<!&C
MZ''S'TH VGNK>.ZCM7N(EN)59XX2X#NJXW$#J0,C)[9%35Q'B2UN[OXE>'(K
M.]:R/]GWQDF2-6<+N@^YN!4'..2",9XK,O\ QIJFF2R:')-)+=QZNFG_ -H1
MVAFD,1@$Y?RHU^:3!VX"X_BQ@8H ]*HKS6[\9ZKH^DZVT*ZC?QV]M$]G?:GI
MLEJ?.DD\O8X\J,,%+(V5 XSGIFM?6;OQ!X3TR\U"344U2W,2JOVF-4>*X>14
M7:(T ,7S9.X[ACJ<\ '9T5R4MUJOA[7]%M[O59M3M]5F>V=9H(T,,@C:160H
MJ_)\C AMQY'/'.!9:MXG?PMX>UI]=#W&HW<5K+ UI&80DDA4.  'W@8/WMN?
MX: /3**\WUCQ9JOA<Z[I[74FHS6RV7V6YN(%+JUQ(T9W)"JA]NW("J">GO6I
MH>MWY\1P6 EUG4K*XBD>2XO])DM/LTB[=H#&&-2K MP<L"!R<T ;@L+&RUT:
ME>7YDO+G-M:"Y:-?+4_,8H@ "<[=QSN8[>N!6Q7.^)=3O-/U3PU#:S>7'>ZG
MY%P-H.]/)E;'(XY53D8/%<I:Z]XC3P19>*)]8,DIOT@>T%O&(I(FNQ#R=NX/
MM.<A@/8T >FT5P>LZUJ4FI:Q'9:E?!M.QY<&F6T<B?<#8GDF3:&))^5&&%()
M.3P:+X@U7Q?=V<,-Z^E(FDV>HSM;QQNTLDX8[/WBL @V=ADYZC'(!VUM=6]Y
M&9+6XBGC#LA:)PP#*2&&1W!!!'8BIJ\DT;7KW1M T_2Q-.D]_J^I+<7EG9O<
M/&L<TA8QQJK\EB,9! &2<XK4/B[6+6"ZLXUOI]]Y9VUGJ6HZ<]H2)WV-N5D0
M.R8)^50#N48]0#T>BN$N+W7M&\5/ILFM27MF=#NKR-IX(EE$R/& 6**JD -P
M !U.<\5/)KNI+I'@6<7/[S5+B!+QMB_O5:VD=ATXRR@\8Z>E ':4Q98WD>-9
M%,B8WJ#RN>F1VKS>_P#%&K065QK-OJ-[<BVN_+:&WLXQ8,GF[<>9(@D<@$ L
MC8W#@=J;<7]WX8U3Q]K:7MU>- T'EVLB1^67>- F=B!\+D 8/(ZY/- 'IM0W
M%U;V:*]S<10(SK&K2N%!9CA5&>Y)  [FN+TK7=13Q!IUJ+C6]3MKLNMRUWHD
MMJMJP7<K*YB0!,@KABS?,.>#FU\2$ED\.V*6[JDS:O8"-F&0K?:$P2.XS0!V
M%%<!KWB;4O!,U]'<W4FKQ_V5-?VYGC1'22-E4JQC504/F+CC(P>3GA=*U[58
M]:TR'[1K6J17KE+Q;K1);6.T^1F#QN84^7< N'9CR#G@Y .^HKB/#5[XC\1:
M38^(X=1C5+FX8G39(U6%;;S&7[VPR>:%&?O;<\8'6LN_\4:M!97&LV^HWMR+
M:[\MH;>SC%@R>;MQYDB"1R 0"R-C<.!VH ]+HKG;#4[R;7?%%M)-F&Q:$6Z[
M1\FZ$,><<\G/.:Y>SU[7[SPWH6H7U[J=M93Z5%<37VEV27$K7#?>#Q^6^U "
M&^5?7D8P0#TJBO/=1\7RR76BZ7;:K<-%=6DEU/J>EZ<UQ(WENJ;4B"2!,DG<
M64@8QP2*W_"&JW^I6U]%?17A%I<>5!=W5F]J]U'M5@Y1E7!!)4X !*Y &<4
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M5M(Q-<"[A>W:*,@D.RR*K!3@X;&#@U)IOB+3-6N&@M9I/."^8$FMY(6=.F]
MZC>O(^9<CGK0!3D\)Q7$R"[U;4[NQ299TL;B1&C5U8,I+;/,;##.&<C\A6CK
M6DP:[H]SIET\B07";':(@,!G/&01V]*E;4K1-5CTQI@+R6%ITB(/S(I 8@].
M"R\=>:H6_BK1;O2TU*WO1+:/="T61(W.Z4OY>T#&?O<9QCOG'- %B71K>7Q%
M;:VSRBYM[:2U501L*NR,21C.<H,<^M9)\#V*10_9;Z_M;J"\N+R&[B=/,C:9
MBTBX9"I4[L8*GH.XS5*?QU%;7.APHQOTU*_N+5Y[>PG 01^8,!<-E@R!3SR
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M>XGNRH=HQG"CRU55 ))^4#GGK3!X,T^9IFU.YN]59[=K5&O&3,4+8)5=BKW
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M".F6=SI<]OYR/I\D\J?,#YKS AVD)&6)R3G(Y_*MZB@ HHHH **** "BBB@
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M@#DYITK4],3Q!I\]WXE+WMY<S06]A9P20W22_, 96A?RS@[3YC+TXXQ7JE%
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M5!=CGUR3GVZ4NH:!>2>(EUO3-1AM;EK86DRW%L9U:,,6&T!UVMECSR#QD'%
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M+U 92"1^=8FE^&+NTU72M1O=2AN)K#3Y+'$5J8ED#-&0W+M@@1@$<Y)SQTH
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MFW$D!E9<<A0K!0#C!P*K6'AF^T?3#%I>JPP7<MP]U<,]D&MY7?&[$092HXX
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MDN9I0-J+$ZASC8><=6&,\XM>)/#L^LV?@K3O+O8($D*7+VRE6@3[+(I!('R
MD[>W7'6@#MM/U2SU6.62RF\Z*.0QF0(P4L.#M8C##/&1D5GWWB.PTJ_U$7VH
M11P6-DEW-$+:0O$A9QO+C(8':0%"Y&"><BH_"$E['HPTS4;4PW>FM]E9TA,<
M4ZJ!MDCXQAEP2!]TY':N2\<:7J%W>>,FMK"ZF%QX=AAA,<+-YD@DF)1<#EL$
M<#GD4 =O9>)=)U#4?L%O</\ :3&98UD@DC$J#&6C9E D R,E2<9%1>+M8N-
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M$ 8QC.>,^Z>ZU^P\/:5:Z5J%E=6=Y:SW336S11VJQ?,P$A 5\@%!L+?>YP*
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M(XHU+,[%"  !R2?2LK1["ZC^(ANY+29(?^$>M8!,T9"[Q+(63=C&0,$CKTH
ML:SXYL]/;0'M$EN[?5;LP>;#;2R;%"N6P$4_-E0-IY^\<?*<:=QXKT:UOWLY
M;MO,C<1S.D$CQ0L0"%DD"E$.".&(ZBN%@L+ZPTG1+N;3K[R[+Q->7,Z1VKO(
ML3-<!7$:@LP.]>@/!STYJ%=#U&STW6]#NKGQ&7O;J[:.UL[2!K:Z29F8$S-
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M<@*KH5#(3N7J!P<]*Y:ST[4++^P/$EW9WCGS[N[O[98B\L)N!E#L4;B8U 3
MR<$\&L_Q%INHZU=:IK%KIUZ+.XN-+AAA>!UDE\JXWR2F,C<J@,!E@#\IR ,&
M@#K8O%JW/BBRLH5,>G3:?<74DEU;R02(T;QKTD"D+AR>5[#FM[3]0MM4LH[R
MS=GMY!E':-DW#U 8 D'L>A[5P_C7PO=>)O&%C%$]Q;PKI5R/M"H3%YOF1%$D
M[,I(R5S\P7TS77^']0N=2T6">\L9+*[ ,<]NZ%=CJ<-MR!N7(R&'!!% %9?$
M=C =3>YOXY%M+L6WEPVLF]'**PCQ\QE<[L_(.AQC(-21^*=&DT^:^-TT44$B
MQ2I/!)%*CL0%4QNH?+9&!CG(QFN4CTU5N?$EQJ6FZF4&O+=6L]I"3)'BWC7S
MD'5Q]Y3M#9R1@\U);)>:AIM['JT>KZII%O-;RV5Q+:>1>B1'+%C'M0D(0A!V
MY;GANX!TB>+=%:QO+MKJ2%+)5>Y2>VEBEB5B0I,;*'P<'!QS@UH3:G9V^IVN
MFRS;;NZCDEACVGYECV[SG&!C>O4]Z\^NK?Q!JWAWQ%IUO+J>J6#62&SEU*S%
MK<--N.Z, K&6&%!RRCD]3VM:LUQXI\4::]A9:E;P'2=0@-U<V<L CDD$04$.
MH(/RD^A[9P: .IM?%>BWE\EI#=L9)6*0NT$B13, 21'(5"2' /"D]#Z5C^+_
M ![9:#H6KSV<JR7UC$VTR6\K6_FCI&T@ 3=GC;N#5SVFZ1>S6>@Z-+<>)VEL
M9;9IK9[:"WMK;RL'(F%N-ZC;@!').<'')$>LPWME\,==\+?V)J%WJ;"Z,8M[
M1Y(YE>5G6028VYPP.W._(X!XH ]5!RH/M2TB_='TI: "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH B2Y@DN);=)XVGB"F2-
M7!9 V<9'49P<>N*EKB(M/U*\^('B)K359=/A6"SY@BC=I'"R<-O5AMY[8)]1
M4.B>+;]KS2KG5ID6QU"VG@8A B17=N[!RO&XK(JNP!)QY?'6@#O:8\L<;(KR
M(K2-M0,<%CC.!ZG /Y5D>%+R]U+P];ZC?N3)>%KB-#'L\N)V)C0CU"%<YYSF
ML+QI:S3^+O!1CO[BV']H2C$2QD9^SR'/S*>< KZ88]\$ '907,%R'-O/'*(W
M:-S&X;:X."IQT(/45+7EL<VKZ3X<\7Z[::J\2Z?J5]/%9K#&8Y=K9(D+*6Y(
M.-I7'O6A=>++F_\ $>IV*WNJZ?!IXA5/[/TB2\,LCQB0[V$3@)AU&T;6."<C
MB@#T*F2RQPQM)+(L<:C+,YP /<UF^&M2NM6\/6E[?6DMK=.I$L4L+Q$,K%2=
MC@, <9&>Q%8?B9?MWCKPKI=VN_3I!<W+Q,,I+-&J>6&['&YF /=0>U '1:;K
M>DZRKMI>J65\J'#FUN$E"GWVDXJ_65J=AIRWUMK=PFV\LDD6*16VLRLO*'^\
M#C./49KD8]=UV+P79^-9M2,J3I#<2:6(8Q"L,CK\J-M\PN%;J6P2/NC/ !W%
MYIEGJ$]G-=0^9)93>?;G<1L?:RYX//#,,'(YJW7F^J:UXAAT;Q=K46L&(:)=
MS+:VJV\9CE5$1MLI*[B,L0-I4^I/;0N]4UC1]=BLY=3>[CO=)NKL>9#&OD2Q
M>7C9M4?*=YX;<>!S0!W%13W,%L$-Q/'$)'6-#(X7<Y. HSU)/05Y];ZEXD$7
M@^6776>37U5;E/LT6R#_ $<R[HL*"#\N/G+#GH.E2#Q#K-K/=:=)?M.]GX@M
M+'[2\48>6"58W(8!0N?G(RH':@#O#=6ZH[F>()&VQV+C"MZ'T/(_.B[M+>_L
MYK2[@CGMYD*212+E74]017CU]IEVG@O5\Z[J#_\ %4(GS);\D7B+NXBZDD-Z
M94<8R#TMUXENY?$FIZ3_ &GK%K#I0AB$MEH[W;W$IC#LTC)"ZA<,ORJ$/4@@
M8H ZW3_#FFZ9<_:($N'F"E5DN;N6X**<9"&1FVC@<# XK5KS>?QKJ5VVAZ?.
MFI:3-=VDUS=RVVERS7"^7(L8"1&-R@8G=EE. 0.I!KI?"&JW^I6U]%?17A%I
M<>5!=W5F]J]U'M5@Y1E7!!)4X !*Y &<4 ='2,P12S$!0,DD\ 5@>*=6N[ :
M596#K%=:G?+:K.R;Q$NUG9L=SM0@9XR1Z5R7C*[U2PTSQ!X?GUFZN4ET"YOX
M+HQ1+,OE_*\;E4"E6WK@A5(&><X- 'H>GZG8:M:BZTV^MKRW)*B6VE61,CJ,
MJ2*=>W]GIMJUU?7<%K;I]Z6>0(@^I/%5?#UO):^'["&2[FNF$*GS9E0,01D#
M"*HP.@XZ#G)YK%\36-_/X@TR_P!'GT^?4;&&9O[-O92HE1RH,BD E6!  ;!'
MS$<9S0!T5AJ5AJMJ+K3KVVO+<D@2V\JR(2.O*DBK5>9:MXEDL++Q1=MI,VA>
M*X=*,X)E6>*:-"0LB'[C89L'*AL,,CM6O?ZKJWA74=,EU'4I-2M]066.6 P1
MH(9$A:4&(J VT[&!#%CR#D<Y .VHKS^36-=T[PUIGBRYU-KA+M[4SZ9Y48A1
M)W1<1L%$FY=X.68@X/ XQ!<ZQXB?1?&.KIK+0C1+JZ^R0);Q%)$BC#[925)(
MY(^4J?<T >CT5PFK:SJJ7HGNKW4M*TTV\+V\]A8K=1N[ E_._=NRJ"%'&SAO
MO>EB'5K[Q)K[:9IVM"VL[;3H+M[VRBC9KEY2VTIY@=50!">A)W#D8Y .SJ*.
MY@EFFACGC>6$@2HK@M&2,C<.V1SS7GR>(M>U'5=)T=;X6DK:A?6%Y<0Q(3(L
M*;E= ZD!C\N1@C);@X%)K7B#7M/EU*TM]3)DM]4TRSBED@C/RRB,29 4#YBQ
M/MGC% 'H]%<)J>OZGX3NM<%S>R:K!;:0VI0BXCC1T=6*E,QJH*'CJ"1SR:6\
MG\0Z/JOA<2:\]W#J=\8KN)[>)0,PR.%C*J"$RO<EN!\W7(!W59^I:[H^C;/[
M5U6QL=_W/M5PD6[Z;B,UH5QWP[_T[1+O5;M VI75_=)<.PRP"3.BQY]%55 '
M2@#KT=9$5T8,K#(93D$4ZO*;O5-1T#5/$.G:).L%JFL:='"2BND+7! FC"D<
M#D-[;ZZ7?JT_B0^&H_$%Y&+6Q%Y-?>1 9Y3)(RHH_=^6 H1L_)DY'(YH [&B
MO.K;Q%K7]F>3?:J%NFUFZLR]I:>9.\:%@HAC"D9'RDLX( !SFJFH^*?$%AX>
M\0Q07<_VW3[RRCMKG4+>(2,LTB ATC 7&"1P%.#V/- 'ISND4;22,J(H+,S'
M  '4DTD,T5Q#'-#(DD4BAT=&#*RD9!!'4$5QMYJ.K:)X@;3I-4EOH[G2[J\1
MYHHE,$D10 +L497Y^C9/'4U6OK_5)/"NBZA!KVI)JNH6<*P65LEL%N)V0,6.
M^%RHYRQ'  Z>H!WU,DECBV^9(J;F"KN.,D] />N,O+G6-/\ [(T:[U^YEO7M
MF>XGT^R1[F60$?,%,;1QQ#D98<Y4#G)K NKK5-?LM"%SJ5]:SVGB-K(R+% )
M'VH^V1QL90X'&!A>3D=, 'I\-U;W+S)!<12O _ERJCAC&V =K8Z'!!P>Q%35
MYZ_BC5_[3O\ 2X[I1--X@73;69X5(MXOLR3,<#&X\/C.>6'88J'Q3X@UOPK;
MZQ8+JLMW*-&EU"SNYH(A+$\;A6#A5",/G4CY!T.<T >D45R2W.L:;XGTFWGU
M1KZ#4X9M\$L4:+#(B!@8RJAMIR00Q8].:H:/K>H1ZOI]OKFL7EGJ%P=LMA=:
M>HM9'VGY+>957+9P>7<D \>@!WE%-=Q'&SG.%!)Q7G9\0:XO@,>.CJ9,?E"\
M.F>1'Y/V<MG:&QO\S9_%OVY_AH [Q]3L(]1BTZ2^MDOI5+QVS2J)'4=2%SDC
MBK#NL:,[L%102S,< #U-<;X<L[A/B!XGG?5+R9,6_P"YD2(+AD) ^5 WR]!S
MT/.3S5SXCQ/+\-_$02>2$C3YF)0*2P"$E3N!X/0]\'@@\T =$MW;-<+;K<1&
M9X_-6,.-Q3(&X#KC)'/3FIJ\[BT_4)/&.CVD.M74+#0',EX(X3.1YT9  *>6
M/3.SH/7FH)/&NJ1Z18V<L\OVNYUB[TU[ZVLS-*L<!D^=8D5LN0@_A*C).,#%
M 'I=5K_4;'2K1KO4;RWL[92 TUQ*L: G@99B!7.^%-8O[O4[_3Y_[3NK.&..
M6WU"_P!.>T>0L6#1L#'&"5P#E5'#<\C)ZN@#"A\:^%+B>."#Q/HLLLC!$C2_
MB9F8G   ;DDUNUQ_@W_D8?&G_87'_I/%6!#XHUZS^'P\376HO<W5Q,;.&V%L
MIBC+7/E+)M1?,9@.2H.&/  ZT >GT5P=CXBU"VU-H5N-4O[)[2::2[U;2Y+)
M+61 "H+^2@\MAN]6&.IS52R\2:M'?^&YC?:C>6^JW0MY_M5@EO;C,3MNA!59
M1DID;MV5Z]1D ]"NKJWLK62YNYXH+>)=TDLKA40>I)X J6O*?%4^LZ_\+?$.
MM_VH889(KE$T\1(8A"DC)DMMW^80I.=VT$]*TM;\0:]!%K6B6-]%%K37D*Z;
M*T:L1#(AD^[C!P(IQSG[M 'HE%>>MXUN[ZUN-4L;NVM].BTVT??.I8&>=@2
MJJ79U3;M0?>:0#W"6VJZZ^O?V##J&JG[=I<]Q;WFI6MO')#,I0+M547(^<9#
MK^)Y  /0Z*XS2_%-WKLOAN"V86]Q-'+<:I&%#^6(OW;Q9Z ^:P&>N%-=G0!S
M.O0>%(M4BFU?4H=/O9P%4?VH]H;@#  95=?, R!@@]<=ZW[.WMK6R@M[...*
MUCC58DB "*@' &.,8KE?AS''=>%6U*X19+_4+B=[YV4;F<2,FQO90H4#L!3)
M%&DZEI'A#P_=-8P7 N9Y)5"RM!&A7,<8;*J=TJX!!"@8QTH [2BO-M8\2:[I
M<M_HL>HB2\M;[3EBO7@3+PW$NPK(H&TM\KY*A>",8-:,/]O3>+]3\/?\)+=+
M!%90WD=S]F@,Z,[NNS.S9L'EYY0MS]Z@#N**\YTK7]<\0W_ANV&IFR2^T>>Y
MNFMX8RQD22-0R;U8+]X\'(P3QT(B@UOQ$OA>77)M:,DFGZHUDT MHPES&MR(
M2TG&0Y'.4*@'^$B@#T6&ZM[EYD@N(I7@?RY51PQC; .UL=#@@X/8BIJX,ZSX
MANI=?AM9)7CM=;6U9X(D:6WM3!&S&-2I#L&;^(-P3P< 4^#6=3N= N5T;5+G
M4[V*ZA647=B(+NVA9P)"T95 S!=Y7Y!G'\7< [2YN8+.W>XNIXX($&7DE<*J
MCW)X%2UYU/XHN(/"NOS67B"[N+VS@21(M1TX6]U;DGDLI1%93T!"8&#R>VK%
M/K7B&]UF2RU>33(M-NVM((HX8W69E16+2[T)VDMC"%>.^>@!V%%>=Z/XDUGQ
M;JFC)!>MIEI?:%]OF6&-'D27S OR%U88Y/4'CMGFNC\&ZI>:IH]P;^19;BUO
M[FS,H0+Y@BE9 Q X!( SCC- &_)(D4;22.J1H"S,QP% ZDFJB:O8270MDN4>
M8N$"KD_,4W@9''W>?H1ZBL7QC<,7T/2B/W.J:DD$_O&J/*5_X%Y84^Q-:AT2
MQCOWU%(I?M1E,^1<2;2_EB/[N[;C: ,8QD XSS0 Z^U_1M+N(K?4-6L+2>4X
MCBN+E(V?Z D$]1^=7GFBCA,SR(L0&XN6 4#USZ5R'PV@BNO MK?W,:RWFIAY
M[^21<M+*6(8-G^[]T ] N*HWVF65OXF\)>&8EWZ'']JF\AV+HTL84QQGV7<S
M!3TVC^[0!V.FZYI.LJ[:7JEE?*APQM;A)0OUVDXINHZ_HVCRQ1:GJUA922_Z
MM+FY2,O] Q&>HKG/B$BV=OH^L6P$>IVVIVT,$B<,Z2RJCQ>ZLI.1[ ]14(AU
M[2M:UK4-&M=.\065]<[I8OM8BN(&5%1H@2"C ;3\I*X).?6@#M_-C\GSO,3R
MMN[?N&W'KGTJEINNZ/K._P#LK5;&^V??^RW"2[?KM)Q7 0W>FZG=>$M*M+.>
MSTF6_O#=V-R2=ES$I80L"3QN+,%'R_(,<8%;GQ%'V#0K35;-0FHV=]:K;,@P
MQ#S(C1_[I5B".E '2IK6E22O%'J=FTD8D+HLZDJ(SB3(SQM) /H>M75974,K
M!E89!!R"*SK;1+6VOFNP\TDI\W/F-D?O&!;C'^RH'H%^N<KP3+Y=IJNDKGRM
M)U&6TASC"Q861%&.RK(%'LM '13W,%L$-Q/'$)'6-#(X7<Y. HSU)/05+6%X
MIU&ZTZ#2VM)?+,^J6UO)\H.Z-WPPY'&1WZUQ_P#;GB,^%O$_B%M:8'1[Z^6W
MM4MXO+EBB<A5E)4L>!@%2O;.30!Z;13(9/-@CDQC>H;'ID4^@ HHHH ****
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M:^&NZJFI0Q- UZGD!YHBV[8Z^5LP#T(4$>O)S$O@:PBTY[2WOM0A8ZA_:27
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MJQ!"!N^;#1 ]LYQ1%X#M+?7="U&&X,<.DVBVPMUCP)BBLL;$Y_A#R<8/+>U
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M9O%NI:[]IW?;;:"W\G9C9Y9<YW9YSOZ8&,4 <+IFN6GAS3O$?B;2;3R/"[K
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M$A9#%@!$3<=BX4 <GN3F@#GKKXG1*NIWL6K:!;P:?/-$--NIP+NZ$1(8J?,
MC)(;:"K9&.F>-/4O&-PNJ)%#J&E:3:O!#+;RZK"^V],@9@J.'4)C;@_>.2..
MF;R>%;ZS%W::7K1L],O)Y)Y(OL^Z:(R'<XAE#C9EB3RK$9X(XQ=U/2=6NBT5
MGJUM'92H$D@O+'[00,8RC;UY[_.'Y_*@#8MW>2VB>01AV0%O+;<N<<X.!D>^
M!7 :Y8RV_B'4;K7O"DGB72IF1K5XHH[AK-0@#)Y+D'J"VY,D[L=@#VNC:5;Z
M'HMEI5J7,%I"L,9<Y8A1@9-9C^']0LK^]NM!U.WM!?2^=<07=HUQ'YFT*63;
M(A4D*,\D<=* '^#[G3KK0%?2KZZN[432 ?:L^9 =QS$00"-G0 \@ <FN'^(&
MJ:=J7B.YL)-<T^PN-#LOM5JMU=)%NOF(>+JP/RJF#CM+7>:5H4NC0,EI=H\U
MS>-=WTT\&YIRW4*%90AX4 _-@+C!/-2Z#HHT:"[WS_:+F[NI+J>?9LWLQX&,
MGA5"J.>BT 2Z#J]OK^@V&K6IS#=P+*H],CD?4'(_"N?\&_\ (P^-/^PN/_2>
M*M/2-!N=#CGM[&]@%I+J$ET(I+<DQQR99XU(<8.\E@V, '&T]:BE\/7]IJU_
MJ&AZG;VCZ@R27,5W:&XC+JH7>NV1"I*A0>2/EZ9)- %+P7_R&O&7_8:/_I/#
M76N',;"-E5\':6&0#VR,C/YUCZ9H4FCV-PEG>*]Y=71NKFYN8=_F,Q&[Y59<
M?* J\\ #.[G.U0!X_P"'[[6-$L8+V"/2;K4M:\23:?-<O:,C[0\^69_,)8+L
M&U>RC;DYW#M1J?B&\U6XT6RN-,2[L(8Y+N\EM':-VDW;$2(2AEX7))8XSC!I
MD/@?RK;2X?[1S]AUJ;5<^1]_>93Y?WN,>;][G[O3GB_?Z#>_VQ-JVBZE#97=
MS$D-P+FV-Q'($W;6"AT(8;B,YQCJ* ,.#QEJVJW6DV6GVUG;W-S+?6UXUP&D
M6"6W(4LH!7>I/;(.".1CF.;Q9XBM=$UK59TTORM"GDBN8TBD+780*Q9/G_<\
M-T/F<]Q6SIW@V#3+W2KF"[D8V1NGE,BY:XDG(9W)R O()P!W]J;>^#OM?A[Q
M+I7V_9_;<TLOF^3GR=Z*N,;OFQMSU'6@#IU8.@8=",BEIJ+LC5,YV@#-.H *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#D_
M$WC%/#UOJ4BO]JFMFMD%M'9S,8O-8C+LN000"1@#D 9)85HW/BW2+0QK-)=[
MGB69E2PG<PH>AE"H3%W^_MZ'T-<KXETV_FG\7R0V5S*KIITD6R)F,HCD+.$P
M/F( Z#)Z>M6]8>#^T7U+3V\2:;?7<4;++:Z:\T=SM!VK(C1MY9&_!WB,].>,
M@ [>&6.XACFAD62*10Z.IR&!Y!![BLK4/$^E:9=/;W$MPTD8!E\BTEF6$$9!
MD9%(3CGYB..>E6=$?49-"L7U>../4F@0W*1?=63'S ?C7"ZBMZ=3\3V]S9ZP
MDEPQ^PVVEVS1PW2^4HWO.B@"0D%3O=<!5 '3(!V5[XFTJP,:R3RRM)&)E6UM
MI;@B,YPY$:MM4X/S' ]Z;<>*]&MX+>9;F6Y6YB$T0LK:6Z9HST?;$K$+[D8K
MB=/M%T_PQH4DL/B/2-431K2![NPT\SERB']T\>QR"IS]Y5^]P?2],MV+2RU#
M64UK3M>DM!%)?Z18F<, Y94>-5EP?XCE<#<0&H ZNY\2Z1:V%K>M=^;#=X^S
MBWB>9YO]Q$!9L=\#CO1_PDVD?V7'J(NF:"1_+15A=I6DYRGE@;]_!^7&>.E<
M/<V7B*34-#\0ZM-J-H8K2YM9Y-+M4FG3?*IC9HC')]Y%&[:I*GVS4]GH\,5E
M=ZE?6OB&4W.I?:H;WRT-U$1"(_/,*1H4R 5V!'8\$CDX .N3Q5HTFG37PNF$
M4$@BDC:"19ED.,(8BN_><C"[<G(P*C;QCH4>G37T]X]O!!)'%,+FWDA>)G8*
MFY'4,H)(P2,=\XKG;87M]I-Y_;*ZSJ&FVUW#+I]V;+R+Y2O)=H@JLP5@ ,)E
M@3\I')S-2CU_4M$N[4'4]4TQ+O3VM9KVP,-TQ%RIE!0(A*JH4[B@[GD<T =C
M_P )OH'G30?:+G[5$-S6HL9_/*]-ZQ;-[)_MJ"OO5NX\3:1;:=:WS79DAN\?
M9Q;Q/-)-_NQH"S8[X''?%4DM9Q\2)[LP2?9SI$<8FV'86\YR5W=,X(.*X>ST
M35;'^PM6E?5[&"WAOK:4V-HLUQ$9+G<A\IXW)0J.JKD<=LT >A2>*]#BTJ#4
MY;]([2:80*[HRD2'C8RD95LC&& (/!K.U?QUIUEX=UG4;03S7.FVYE>TEM9H
MI,X.PLC(&"$@_/C;@$YP*YDZ%=O;6]VMMJER+OQ+:7C/>QKYK(@53*T21((A
M\HX(SP"<$X%WQ7I&H:AK'BU;6SFD^U>&%MH&"$+)+OG^0-TW?,O&>XH [?2K
M]=3TJVO521!-&&VR0O$P/?Y7 8<^HJGJ/BG2-*NFMKJXE\Q &E\JVEE6$'H9
M&12(QWRQ''/2K&AW*W>B6<R17$0\H*4N('A<$<'*. PY'<<]>E<Q;3R^&K_Q
M##=Z7?7;:C>M=6KVMH\RSJT:*$=E7$9!7'SD#'.>N "W/XKDG\;VF@V!VPF
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MBH+CQOX>M9'6:^<(LGDF86TK0F3=LV"0+L+;CC:"2,'C@UDZCIUTY\"+%:S
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MHVO#$"(V;R]RCD,P]B<5OZ5-J=CXHTZV33];MK2[647(U?48)]S*NX/&!.[
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M8W;*QP)\B%1V#;2__ ZA\?75Q9^&4EM;B6"3[?9)OB<J=K7,889'8@D$=P:
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M/-W;O,\G=Y>_=SNVYSWJO=:#/J?C.QU:^M[);72DD^QLCEYI'D !+94!  "
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MW[HJA0<YRWRL1\V>OK5.]\606UY=6]MIU_J(LR!>2V:QLML2 V&W.I8[2#A
MQQVY%0GQOI\NK0Z;IUG>ZE--8QZA&UHJ%&@=BH;<[J.,=.IR, \@ %?P[X$L
M--L(!J$"SW<<\DY59Y&@WF5G1_*)";P"/FVY!'6M*[\'Z'?7MQ=7%F[-=?\
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M\C1D8*>8[%@O/0$#OUJ&]\606UY=6]MIU_J(LR!>2V:QLML2 V&W.I8[2#A
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MG5G++*5+\D.!GYA@#FKN@Z7J5OXE6ZMK/5-,TLQ2"ZM;^_6X620D%#$HDDV
M?/GE>H&WT[2B@ KD]9MM5M_'6G:U9Z5)?VD.G7%O,(I8U<,\D3*%#LH)^0]2
M!C/.< ZQUZ)M7U#2X+2YGN[&"*=T38 XD+A0I9@,_(<YP.G-:5Q,MM;2SN"5
MC0N0.N ,T <+)X;U98'U?[(&OI-<757L4F4GRUC\H(&.%W[0&Y.,Y&<<T\:=
MK%YXCUO5+KPXCVEW96<,5K<7489MDDC/G:6 ==P(YP3CYASCK](U*'6M&L=4
MMED6"\MTN(UD #!74, <$C.#ZFFZAJUKID]A#<%O,OKC[- %7.7VLW/H,*:
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MD>"SA:>18@"Q51DX!(&?QH O44V.02Q)(N<.H89]Z=0 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% 'GTMGIVL^._%%OXB6.
M6&RM+:2R2;E88BKEID!'ROOW#<.1M'-1Z9::3XBU^:UU@MJVGPZ7:RZ:-4BS
MYJ,'#S%64#>2%!. 1QTS7<7^CZ9JC1-J.G6EX86#Q&X@638WJ,@X/TI-2T72
MM9B2+5-,L[Z.,[D2Z@64*>F0&!Q0!Y7I%N-<\2>%K?4B]Y8*VLQVXF8LMQ;+
M)&L8?/\ K%VXZY!P.M:EOID=P^NZ+%=6EK96FO1+;:?<86WG0V\;&WV_W269
MMH!Y'0C(KT<V-H9X)S:P&:W5DAD\L;HU;&0IZ@' R!Z"HI=)TVXBNHIM/M)(
M[MMURCPJ1,< 9<$?,< #GL!0!YQ<W0T_2[O1DTJ/1!#?V0U(:=.SVRP2OAC&
M=J^7D+\P"J0&R>N:NZC8V>A^)_[/\/VT%I9W&C7DM_;6J!(@0$$3E5X#'+C/
M4@=\5W5GI.G:=9&RL=/M;6T.<P00JD9SU^4#'-,L-#TC2K:6VT[2[*SMYCF2
M*WMTC5^,<A0 >..: /)_.NH+"]DM))8Y!X1TL-)$2'2,O()&4CD$)N.1TQ72
M7MAX>T3QGX=DTJ.&V9[:[G:.TQ^]3RA^]*CAF]&.2?4UW4.G6-M)YD%G;Q/Y
M*P;DB53Y:YVID#[HR<#H,FH+/0='T^4RV6DV-M(7,A>&W1"6(P6R!U(X)H \
MHREKI/A'7[>+3+.YU'4K-4N2?-O[N*1U#"24!<DJ3N&"!T'0$2:A NDZ7X\N
M-)MK>UG;6X89YHL0LMNRVYDS(H)1?G<E@#MW,W6O3HO#&@02RRQ:'ID<DTBR
MR.EI&"[JVX,3CDAN03WYJV--L!>37@LK874T8BEG\I=\B#^%FQDCV- 'FMW;
MZOHES<MHFGZ+I<SZ1=S?8],NI)_M+A1Y<I7R$4,&XW%LMN(YQ4TNF>';5O E
MWIODBXNKZ.031ME[L?9Y,O(W5SS]YN1GWKT'3]'TS21*--TVSLA*VZ3[- L>
M]O4[0,FHX?#^BV]V]W!I%A%<NXD:9+9%=G (#%@,D@$\^YH T:X37H;?6_&[
MZ7+865\MI8)<2)JQ#6\09G >.+:=SG;AF)    ZFN[JC?Z+I6JR0R:CIEE>/
M"=T37$"R&,^JE@<?A0!YKX?M9/$?@O24-]I6H>3?WHBL;T_Z-?(KR*@ RQVI
M\K#[^!CV-7([6#6;%-+M[*QTZ73=2D231[JY,EE>.8"?+0X^XN]6VA, J?EK
MO)M!T>XL'L)M)L9+-Y#*]N]LAC9R<EBI&"2><^M*VB:2^EC2WTNR;3P,"T-N
MAB _W,8_2@#S+4K^6'1QI-EI-OIBPZ[#;:E;IJ3BTVM'N54E"YC1CY0*A!@L
M1CYB3'K^G/;Z1XMTV33=#L;./09+A]-L9WG2*89,<H4PHD9.&Z<DJ#CC->JV
M^F:?:V'V"WL;:&SQC[/'"JQX]-H&*;9:/IFF6C6EAIUI:6S9W0P0+&ASURH&
M* .*O/#5K.+%+&QT+48H--3;H=]MCBCRQ)F0!&VLV67)7J!R.<]3X4O[?4?#
M5I/:V\UO"-T2Q32&1EV,4/SDDL,KP<\C%.E\*^'9K""PET'2Y+. DPV[V<9C
MC)))*KC R2>GK6K'&D4:QQHJ(HPJJ, #T H Y[QU?)I_A2>1S<#S)88 ()A$
M27D50&<@[$.<,0,@$XYQ7'16PT3QS_9<$.CV"S:%<RW%CI<>Q=P*;7?ID\L
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M26&74-,L[N2 [HGN(%D,9]5)!Q^% 'FGANSCU+Q/X,U#5;.&XOWT:YE^T7$
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M;(!1HRN\@8+[SW(4=M6Z\)7\VB>-K)9K82:[)*UL2S80-;I&-_''*GIGC\J
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M&)6@#C>$)(#%>N"01GV-<A\.M1B-GJ.A*LZ#2[EA;I<6SV[_ &5R6B^1P&
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M)8Y);<72)B=4&6VE';#8YVMM;&>.#7/ZO\0;Q_#VGZIHVAZE]GN[JS6.XE$
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M1U.02.58'\:V[:Y2ZA\V-957<RXEB:,Y!(/# '''!Z$<C(-34 <5?6^K:?\
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MOB"CC.3SZ5RFF>"KN&PTO1+C2;]S8M );VXUB9[*18BIW1P"?(8[>%*!5/J
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M&PWSKP.&SR >O- ' Z-)?KX,\'SG5=4:ZUZ2W@O;R2\=RB>6S_*&)5&;8$W
M G.<EN:E\8F;1[7Q'H<%S=W&GW'AJZN]EU</.T#I\O#N2Q#ASP6.-G'>N]7P
MYI"Z#!H?V)#IL"HD4+,S; I!4AB<Y! (.<U"GA+14L;^S:UDECOX3!=23W$D
MLLT>"-K2LQ? #''/&>,4 :.G?\@NT_ZXI_Z"*X"*6[U3PIKOB>?5[RUU"TFO
M?LZI<ND%L('=55H@0C@A 3O!/S'!'&/1HXUAB2-!A$4*H] *Q[GPEHEW?27<
MMHV^5Q)-&D\B13, !NDB#!'/ Y8'H/2@#DKCQ-?Z.M]).[?:-8TZ"\TVWEF)
MV7+!8FB7.< .\1P/[S&HIVU)O$C^&YH?$&I6FEZ;;,&T[4%@EDE?>&DDD::-
MV^YP 2,YR.E=Y?Z)INJ7=A=7MJDTVGR^=:L21Y;XQG@\\>OL>PJ/5/#VFZQ+
M'-=QS+/&"JS6US);R;?[I>-E8K[$XH \_L[O6-:USPM8:EJ%W!'(NJ)<I:WJ
MJTZ1/&L?F- Y D (SM;((8<9(KT[[,GV+[(7F*>7Y9;S6#D8QG>#NS[YSGFJ
M<7A_2H;K3[F*S2.73XI(K4H2!&K[=XP#@YVCDY/YFM*@#RCPQ&VE^%_#_P!D
MN;Q/M/B6>*8-=2.&02W(VX9CP=H)'<\G)YI;5[__ (0"X\1'6-3;4;74I_)+
M7<ACV"[9-C1YVNNW(^8$CL1@5Z##X;TF"UM;:*TVPVMTUY"OF.=LS,S%LYR>
M9'X/'/3@4+X;TE-%ET=;3%A+(TKQ>8_+,YD)SG/WB3U_2@#E-5FN=6UO6TM6
MU&Z_LX!$:"_>Q@M9/+5MK%')E;D,24*@$  G.<SPQ<ZAXLUS3UU+5+];>;PQ
M9W4T%K<O 'F:23+Y0AE/'.TC/&<@ 5W%YX1T2_O;B[N+1R]R +E$N)$CN,#:
M/,C5@DG''S \5+I?AG2-%FBET^T\EXK1+)#YKMB%"65?F)Z%CSUYZT <+::W
MJ=_9^'=(GO;A8KW6+ZRN+I)"DK10&;8N\<AFV*-P(/!YS6A?23Z5KFAZ=;>(
M);N+^W!&\!G+2P1FUD812L6+.,C>-_/(ZX!KJ3X8T?\ LQM/%H1;M.]R LKA
MTE=BS.K@[E;+$Y!&,\8IL'A71;?[,8[,[[>Y^UI(\KL[3;"F]V)+.=I(^8G]
M!0!P-_J6H'0I_$EE-J<IBNP8;^:_:&"6,S;<+;*S*5 .P;U#'&<]#78:!_R.
MGB[_ *[VO_I.M22^!/#DT<\4E@[6\SF1K<W4ODJY.XLD>[8C9YRH!SS6S;Z=
M:VM[=WD,6V>\96G?<3O*J%7@G X '% '*^)TN+SQ_P"&--&H7MO97%M?-<Q6
MUP\7G;1%M!*D$8)R""#U&<$UD&[U+4O$FN6367B*ZM]+EBM;0Z;?QPB/$2OO
MDWS(TC$OGY@RX XSFN_GTNRN-4M-3EAW7EHDD<$FXC8LFW>,9P<[5ZCMQ534
M/#.DZG=F[N+>1;AU"2207$D)E49PK[&&]>3PV1R: .0TMM4\1ZKHL.KZE/ L
MFBM-=6]A>>6LTHE4!P\+\>OR-WQG'%,AU34;B[M?#DNH7*VKZU=637OF;9I8
M8X?,5!(""&R=A8?-\AYSS70W_@^WO_$UI>R*(K&VT]K6);:>2WEC;>I&QHRI
M5=JD<,/3&*U&\-Z0VD+I8L4CLT;>B1$HR/DG>K*0P?))W YR2<T >=>+;[4M
M$77-"TW5KY(8H].N8+A[AI9K9I;ORW7S')9E(7.&)X)'0XK;U#P[9VWQ \,;
M;G5')CNWS)J=PW*B,CJ_3).1T(X((  Z,>$=$_LV;3WM'E@GE2:9I;B2221T
M8,A:1F+M@J,9/;'3BKFH:-8ZI<6=Q=1R&:SD,D$D4SQ,I/!&4(RI'53D'N#0
M!YGH]SJ6KZQX;LKC6-16WN)M:%RL=RZF98[@*BE@<C:#P000. 1FM)=4U"U_
MM+18[^Y$">((-.CN7D,DL,#Q1N1O;))))4,<D;AS796GA?1[&YM;FVL]DMH;
MAH6\USM,[;Y>">=S#//3MBH-3\/1-8ZB-/LK.2>_F6>YCO&?9,RJJCD$F,X1
M<, <$9P30!DZ=;2:5\2QIT.IW\UBVCM,+6YNWG\M_.4;MSDL<\]2<<@8'%:G
MC"^>RT:(17%S%-<744,:6JJ99R6SY:%B I8 C<3P,GK5+PUX5ETW7)]9NXH8
M;B2U%L(TNY;Q\;RQ9IY0';^$ 8 7'?-=!JFDV.M6)L]0@\Z$LK@!BK*RG*LK
M*058'D$$$4 <)$FOPZMK.AZ7+/93SZ/]HM%O=1>\:*?<4#;GW%1[ D<9QZZN
M@7*V7B4:==0Z_8W,T,C1Q7]X+JWN=K#+HY=RI Q\N4&&^Z>VO#X/T*&:6;["
M9IIH#;327$TDSRQD@[79V);D#&<D=JFT_P -Z9IEW]K@BGDN0A19;FZEN&13
MC*H9&;:#@<# X% %/QGJ%U8:3:K:S_9FN[^WM'N !F))) K,,\ XX![$BN?U
M>U.E:XF@0WNHS:?J6F74TT<U_-))$\7E[664OO4'<05!P<=.N>[O+.VU"TDM
M+N%)H)1AXW&0:S[#PSI6FBX,$,SO<)Y<DMS=2SR%/[N^1F8+[ X[T 9_PZMD
MMOAUX=$;2D/IT$A\R5I,%HU)QN)P/11P.@ JKI7_ "5KQ'_V#;+_ -"FKJ;"
MQMM+TZVT^SC\JUM8EAA3<6VHH  R<D\ =:S+[PEI.H:K)J<JWL5Y+&L4DMKJ
M%Q;[U7.T$1NH.,G\Z .,\2:I?Z+XE\8ZCI()>+2+0-@ JL[2.H8@D#(0@\GH
M!GBIQ>ZSHFI6<MMIFN1Q2QS_ &E-6U*"83,L1=6C43NP;<N-J +ACQP,=O::
M)IMEI\MC#:(;>8$3+*3(9LC!+LV2Y(X)8DFH-/\ #.DZ9>?:[:"4SA#&CSW$
MDWE(2"53>QV*<#A<#@>E ',>'C-_PC_A[Q)/X@F%[J$*RW$%Q<,\=V[Q%A%%
M&6VQL#R-@SA3D'K6#I6L>(+GPUIGB-++63J-RT,LES<:A;I8.CR#<@B-QA1M
M.U3LWYQG)S7H=KX4T6ROTO(+,B6)BT*M,[QP$@@F.,L4C)!.=H&<FDA\)Z+!
M>K=16C(5D,RPB>3R%D)R7$.[RPV23N"YSWH X;5&O9-,^(.I_P!K:E'/I-S(
M]B(KR1$A*6T;CY0<,I)Y5@5Z\<FM:=;C3=9TL)J%].NJ:9=-=I<7#2(SHB%6
M53\L9^9N$"@YZ5U,GAW2I;35K5[7,.K,S7J^8W[TL@0\YRORJ!\N.GK4TVC6
M%Q-:S2P;I+6)X83O8;4< ,.O.0HZ^E 'G6A0SZ'X \&ZO97]]-<S?8()8&N&
M:*6.7:A01DE5VALY4 _)R3S50:SKM_H>I^(8[36AJ$$]R+:X74((;"%8I'15
M>)YU!7"_,SINY)!X!KT'3?!N@Z2]JUG9,JV:@6T;W$DD<.%V[D1F*JQ!.6 R
M<G).:?/X3T6YU!KR2U?>[B22);B189''\3PAO+<^[*3T]* ,+2DN=7\>ZW]K
MOKU8+..RE@M8;ITC1V1BV=K8<' &#E>^*Z[4#8BR?^TC;BT)4/\ :=NS.X;<
M[N/O8Q[XIL&F6=MJ-WJ$,.VZO @G?<3O" A>"<# )Z5-=6L%[:RVUS$DT$JE
M7C<9# ]C0!R,L=W9_$S3)]2EANA>6UU;V1@B,7V905D(<%FWDA0-V5 (X7FF
MFR@L?BKI4<"$!])O)')8LSL9H,DD\D__ %AT%=%8>']-TVZ-U!'-)<;2HFN;
MF2X=%)!*JTC,54D#Y1@<#BK#Z99R:M#JC0YO887@CEW'A&*EAC..2J\XSQ0!
M;K,UB\TG2(DU;4Q"CP QPRM'NER^,I'@;B6(4;5Y.!4FGV4]K=:A--.\BW-Q
MYD49D9Q$NQ5P-QXR03@8'/XFMK7A?2?$%S9W.HQ7#3V19K>2"\F@:,L,$@QL
MO..,T <1J^GWZ:3+K6IQ&WDU;7]-EDM"0?L\"31(BN1P6X!;' )QSC-;^K0)
M=_$K3+::*.:TET:\6ZBD4,CIYD. P/!&<]?>MF'PUIL5C<V3B[N;:Y $J7M]
M-<YQTP9'8K^&.WI447A#1HK.]M?)N94O8O)G>>]FED:/&-HD=RZKR> 0.: ,
MLF/Q9XBTV6Q4_P!D:+.9Q=*,)<3;&C"1^JJ&.6'&< 9P<,UV*VUVTE\'Z&L,
M<6]5OY(%"I9Q[@[+\N )&[ <C.X^^MIWA#2M*> V;ZHBVX CB;5KIXU & -C
M2%2/8C%5;3X?Z!81-%9_VM;1L[2,D.M7B L3DM@2]2>IH Z>O)+*"XTGX>VN
MO6VHWRWJ:H(U47#B$1O?[&0Q9V'*L?F(W>_3'K8& !Z5E-X;TEM&72#:?Z L
MHF$7F/\ ?$OF@YSG[_/7VZ<4 <AJUQ<ZGJ'B&2UDU&Y_LQBB2Q7[V-O:N(E8
MH0CDRD9W$LA'( '!IL4FN:QH>C:W=0ZEJ%I<Z5;2M!I-Z;65)RI9Y#^\0."&
M7"DD<=#757?@_0[Z]N+JXLW9KK_CYB6XE6&?C&9(@P1SCC+*3P/04P^"]"^S
M6\$5M<6Z06Z6R-:WLT#F) 0J,Z.&<#)P&)ZT 7/#M];ZEX>LKJVNKFZB:/ F
MND"RL5.T[P  &R"#P.:Y>TT6/5/&WBR274;Z 1RVVQ+6Z>'8WD+\[;"-WT;*
M\=*[6UM+>QM8K6UA2&")=J1H,!1[5DW?A#1+[4+B_FM91=7)7[1)%<RQ&8*H
M4*^QAN7 ^Z?E]N: .$L?$6L^(;K2K2ZM-6O;?^QTNY1I%S':FXD:1DWES+&P
M7" @(W\?/&*EDUWQ!(FFZ1-::F\<VHW,$@@N[?[8\,<894,BS!4?+8)#AL1Y
MZG-=]?>'=+U%;?SK9HWMD\N"6VE>WDB0XRJO&58*<#@''%(WAK1VTI--%DJ6
ML;F2,1LR.CDDEU<$,')).X'/)YH \[U?4==M-,U.RC;5=-@2]T[[*UU?Q374
M0DF574E)'8H0,C>3G+#D#%=59K+I'Q#ATF"[O);.[TR:[D2ZN7G(E26-05+D
ME00YRHP.F *U1X2T06#V36;/%)<1W,C23R/))*A4HSR%B[$%5ZD\#'2K[:99
MOJ\6JM#F]B@:W27<>(V9688SCDHO.,\4 9?C'46TWP^9$N9H)99X8(_L\8>6
M1GD5?+3+ *S9VAB<+G/:N5ANM2TGQ-=Z4HN[6UFT*XO!%<ZG)>2K*C(H8,Y)
M3ACP&()&>,<][JFEV6LV#V6H0":W<@E=Q4@@Y#*P(*L" 0000>E4++PEHMAJ
M(U&&UD>]$#6YN+BXEFD>-B"59G8EAE1C.<=L4 <[+J-X-%^';B\G$EW=6XN&
M\TYF!M)&(?GY@6 )SW -8VH6\VK_  TG\0WFJ7RWT\@:2,W#>2B_: !#Y7W!
MC 7=MWY'6NVMO!6@6DUI+#9RYLI?.M5>ZE=;=L%<1J6(1<,1M "]..!3KOP7
MH%_+*]S9,ZROYCPBXD6$R9SO\L-L#YYW8W>] '#^-5?4/^$C@N;F[,-OJ^E"
M%$N9$"!C"&P%8?WB?8X/4 U?GNM0OO%>LZ<;#Q%<V>EB""U&G7\<.TF(.9'9
MYD>1B6Q\VY3MYR<UV5WX;TF^34%N;3>-0:-[D^8X+,@ 1@0<J1M7!7!R,]:B
MN/"FCW31/)#<"6.)8#-'=S)))&O19'5@T@Y/#DYR<T <KI=_J7B.[T/2]7NI
MK9'T^>YG%I=A'N'CE6-3YL#\#:=Q"-U;!Z8K1^']N;6Z\70FYDN=FN.!)(06
M(\B' )[XZ9Z\<\UOW7AS2KJQM;,VIAAM %M_LLKV[0C&,(\95E& !@'FGZ1H
M6F:#'<QZ9:K;K<SFXF 9COD*A2QR3R0HSZGGJ2: .8UW3TU+XHZ/!)<W$,?]
MD7;-]GG:%W'FP_+O4AAUSP0>/2LYM4U+3(+R]>\NYK+P]K)AE=Y<^=9O&F_?
M_?,1DSN//[OKG.>SU/PWI6KWT-[>02F[@B:**>*XDB>-6(+;61@03M'(YQD=
M":AOM&:V\.2Z3H=E9*DX>-UN9&" /G>YPK&1LG)!QNR<L* (/#%S-JM[K.KF
MXE>SFNOLUG&6.P1PY1G49Q\TGF<@<@+Z"L[Q>]['XR\(-I]O;W%R);O;'<3M
M"A_<G.6".1Q_LFNFT72K?0]$LM*M0?(M(5A3/4A1C)]SUI]QIEG=W]G?3P[K
MFR+FW?<1L+KM;@'!R/7- '#^*]/UM],U;Q-?FWT^ZTW1;V*T33[IY#N= Q<R
M%$((*#  XZYI9([G3%\%.FJ:C++J%]%]L:6[D83?Z+*Q^4G:H) .T +D#CBN
MZO[&VU33KG3[R/S;6ZB:&9-Q7<C @C(P1P3TJ";1M/G&G"2WW?V=();7YV'E
ML$* ]>?E8CG/6@#BM!FN-7T,>)[[7Y=-O/[2DC;SIV%M'$EP8Q"8BP3+  ;B
M-V6'/:LL:MKNJ:?K>KI9ZX;VVN[J.TGAOH(;*W$3,BAXVG3</ERQ=2>3C Q7
M?R>%-%EU#[:]F3)YHF,?G/Y)E!R)#%NV%\\[MN?>DN?">BW5[)=RVC;Y7$DR
M)/(D4[8 S)&K!)#@#E@>@H T[*62>PMYID5)9(E9U5@P!(R0"."/>IZ** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH XQ]
M8F\/ZSXN^US7$T,-K'J=JCDN I1D:-/^!Q9P.[^]8EOJ.L^'?!?B#2+W4I;K
M6K:.$6US/*2[O<J%0\\C$WF <\!1Z5TOBCPM/KNLZ/=P3QQPP2;;Y&9@9H0Z
M2A1C@G?$O7L6]:DUKPW<:EXITC4H985M8#_IL;@EI A+P[>.SDGF@""]U^]T
M2%K:.T@EM].@47%YJE\UMYV$!)C)1O,..K$J,G&>N,Y?$^I:KXO\*2::D7]C
MZEILUVR2W!1B/W625"'E0W S@[CDK@$V+CPOJT?B#6;ZUATFZ;4MOE7EZS>=
M9 (%"*H0[TW#=@.G+'ZU%I7A'5M*C\(.&L9I=)L'T^[0S.JE'\O+QG82Q'E_
M=(7.>HH N1>-9I=.77!I:CP\S[1>&Y_>[-^T2^5MQY??._=CG;535O%.IWUA
MXJM[#3TAATI+B"6]-X4D5A;^8K1J$Y.6&?F&.",]LZT^&45G9Q:4FB>&'MXW
M&-4ELDDN3%OSM,;1E6?;\N\O[[:W8_"]ZFG^,;<RV^[6II9+8AFP@:!(QOXX
MY4],\4 -TCQ-J$::!!JNFB"+5$6.VF^U&24R"(N?-3: I(5NC-[XI9/&EPNF
M2ZZFE*_AZ)B&N_M6)B@?:THBVX*#!.=^X@?=JS>>'KNX?PJ5D@ TB<27&6/S
M#R'C^7CGEAUQQFLJ3PCK \,3>#X)+%-$D5H1=^8WGQP,Q)C$>W:6"DJ'W^AV
MT ;MEXD6]N-?C6V 729%0.),^<#"LN>GR_?QWZ9]JR[;QK=:G!I2:;IEL;V^
MTV'43%>7IAC5). BN(V+L#Q]T=LXR!2R>'=8L+S7!HYL#;ZN QDN9'#6SB%8
MAA%4B0?*#RRXYZU"/#&I1>$]'T6XTK0-9AM+"&VEAOG= )$4 NK^6^1P,#8I
M[Y[4 :MUXBO%NK/3+/2@^L7%N;E[:YN!''!&"%)>1%?J3@8!S@].:NZ'K2ZS
M!<[H#;W5I.UM<P%PWEN,'@CJ""K \<$< \5R+?#LQ1Z?<RVFEZY=6UO);O;Z
MJN8BK2&1=CE'*[,E1E3D=<5TWA?0AH.G31&WT^WDGG:9H=/MEABCS@!1@ M@
M ?,W)/H,  '.?$GQ FBS:8L\MY+9D2O=V>G3M#<E0!MEWJRE8U.=Q+*/F&3Q
M@]1X9-ZOA^SBU.ZBN-02(&=HY ^,\KD]^,#=WQGO6?J&AZA#XCN]8TR&QNS?
MVD=I<VU]*T:JJ%R&4JCYSO(*D#/J*@\#^$+CP>M] UU!<6]RZRJ55@T;8V^6
M,D_NU  4>GZ@$NOZA>3^*]'\.6MP]K%=137=U/&<2&./: BG^'+.,GK@<=<B
MW:Z++HVH1SV>I71TW8YNK>]N9;DDX&UD>1F9<8.1G!!Z9IVMZ)->:A8:MI\L
M<6I6!=4\T926-P \;8Y .%((Z%1P>13(;77]1NU?5FLK*R1'5K.RF:<SEA@%
MI&1, 9/RA>N#GC% &=%XVG;3+?79=)$7AZX9!'=&XS,$=@J2-%LP$.0<[R0#
MR!SCJKPW LIS:!3<^6WE!^A?'&?;.*XR/PEK3>&[7PE<36)T:W\N,WB.WVB6
M&-@5C,13:"0H4MO/<A1GCL;^U^W:?<VGG30>=$T?FPN4=,C&Y6'((Z@T >9V
M6KV#6]M!?Z_KFA>*G"(\FJF<0/,"NY1&Q%NRD\ )@D<@CK7H>O220^'-3EC=
MDE2TE970X*D(<$'M7/:AHOB76O#\_AW4_P"RGM9X/(EU%)9#*XQ@L("F%;K_
M ,M#@\^U;M_97=SIE]ID4<*P261AAF>9BY<J5PR[> ..023D\#'(!YIINJ>'
M'^']G>)XPO'\1MIB2^7%K\\\QN?+!Q]G,C!CNZKL(]J]3T>2]FT2PDU*,1W[
MV\;7*+T60J-P_/-<^/!S3^ -)T2XG6'4]-M(4M[VW)S!/&@7>A(!QD$$$<@D
M$<UN:>VL"WLDU&"R,WDG[7)!.Q D&,;%*#*GD\D8Z8/6@#*^'UU<7O@JRN+J
M>6>9GG#22N68XF<#)//  'X5TU<9X;T_Q9X=T:#2ETW1;F.&20B8ZI*A8-(S
M_=^SG!^;U[5NZKJ5_IFDZC>_88)GM^;:%;ALSC P#^[^5B20  W;GG@ UJXV
M\\<SZ?Y-U>:7#;V$MRELJS7FV\R\FQ6\@IT.0V-^[;SCC%=B<D=<'U%>;'P%
MK*>'1HL$.BHR7<5S)J)=_/O2DRR$R#R_E8[1D[GSCH.P!NMXMU.;4-<MK#0X
MIDT>81S22WOE^8IB60[ $;YOFQM.!T^;G Z+2]1@U?2;/4K;=]GNX$GCW#!V
MLH89'T-8NG>'KNTO/%,TDD!75IQ+ %8Y4>0D?S<<'*GIGBM#PSILVB^%=(TN
MY:-I[.RAMY&C)*ED0*2,@'&1Z"@#F[7QFT2V,-II4LLE_K%Y8*LM\S[6B,A+
M[F!(4[/NCA0>,X -W_A,Y+:"_BU+3#%J=I<PVHMK>;SDF>;'E;'*J<'/.5&,
M'KWI6'@S4;6]TB9YK4K9ZU?:A(%9LF.82[0/E^\/,7/;@\FK>H^$KJ^U+5KQ
M+F*)YKBSNK-N6VR0=G&.A/'&>#F@#/?Q!J5GX^C_ +<B&GV=MH-U=S+!=M-;
MMMEB^;E5)95SU7C=P3FM>T\47I_LZXU+1Q96&I.D=M)]I#R(SC*B5-H"9Z#:
MS\D9Q5"Z\+:QX@UR6[US[!;V4VC7.F/;6DSRLIE=#N#LBY!"GC P0.N>*^E>
M OLMUI@ET/PM;"QD21[ZTLD,]R5'&%:/$)W8)(9CQQCK0!/#X\OGTB?6Y=!6
M+1[6ZF@N9C>9D58Y#&9439AE&,G+*1@X#8&=.7Q+>7.J7UEHFEQWXT\HMU++
M=>2-S+OV1_(V]@I4\[5^8#=UQR?AW2]8U_P/>Z,ILH]*O+^^CEN"[^<D9NI-
MZ! N"2-V&W#&?NG'.G?^ 8EUW4=0M]#\/:JFH,CD:K%\]LP0(=K>6^]2%4[?
MEYS\W/ !?B\;/J>HV%GH>F"[-]IIU"*6XG,"(H<*5?",0<GL#SGCO2P>-FO+
M.S2TTQGU6YN[BS%H\X5$> L)&:3!^0%>H4D[A\M2:1X5FTGQ#8WB26QM;;23
M8D11"(F0R!RPC50JKP>!_P#7JE9^$-3TXI?6\MH^H6^IWUW%&[L(Y8;AV;8S
M;25;&TY"M@CN* (+;Q5=:7J'BB[UFWG0VSVD45G'-YJM(Z[56(G PS$<D+ZD
M#%:TOBF[TZ66WUC3(K:Y:TFN[58+HS),L0!92Q1=K\CC!&.A.*RK[P5J6OVV
MO#6)K!)-0DM9K>*-6FBA:'D(X8+YBDCG@9#'@4ZV\$L#=RIHGAS2)&LYK:(:
M= I,C.N [2>4K(!S\JYZ\D]* +ECXRNYQH-Q>:,+6QULHELXN=\J.T;2 2)L
M  (4\AB>F0*=X'U'6M1CUAM7CMU\K4IXHS%=-+C:Q!3!C7"K@8/?G('=7\,W
MK:9X/MA+;[]%GADN#N.'"6[QG9QSRPZXXS]*N^'=+O\ 2+G5HK@6S6EQ>R7=
MO+'*QD/F'<5="H"X/0ACGVH CU/Q%>V_B>+0=.TM+NYDLS>>9+<F*-5#A""0
MC'/(QQS[=:J2>,KAK?4-2L])%QHVG2RQW-R;@K*WE<2-%%L.\*0PY92=IP#Q
MG2.CW!\<IK>^+[,NFM:%,G?O,H?.,8Q@>OX5RC_#A();^"#1O#=W'>7,LZ:A
M?6JO<VWF,6(VF-A+@D[<LN!@$''(!T3^)[F\U"YMM#TV/4([-8WN9GN?*'SK
MO"QC:VY]I4X.T?,.?3)MO',%TFBZI-IMU$+K2KN_*1W#MY:Q%,H8P )&.>"1
MD8('4U7NKV#PCXAU*.RU+2(#?"$O;ZA*ULZ.L83?"H0B;*A!L7'S#&1G /"W
MAC6(+#PG?,T4$]CI%Q!(EPAWK+*8V7*#L-AR-P/] #H-+UO6=2A\]=(L3!-
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ME)%Y84Y<[20OS=0">G!S5/\ X3(Q#R+C3Q'?Q:E;Z?<P+-N5#+M*NK[1O7#
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M(C, <'+ @C' .>,W0;N]\0_$.WUCSM,FLK;2I8"VFW!N8ED>5"!YQ50Q(0G
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M8D/_ "U?&/G(Q@?PC]-3Q4)M5U/2O#L>/L]TS7%\?^F$97*?\"9E'TS74A0
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %<_XZ:1? 7B%H<^8--N-N#@_ZMNGO705',BR1,CJ&5AAE(R"/0T 4M$2
MTBT.PCT\@V*VT8MR/^>84!?TQ6AFOGJ['C[P3I]SICKJ::%;2N(1INPCR68D
M8F,;NF.>HR!@5/HVH>$O$*%[BU^(&K2VXV3)++/< $]1F%L 9_W?I0![ZTBH
MI9B% &22< 5GMK^CJ"6U6Q&.N;E./UKY]NM8\/:3>75G9^!M,T6+(87/BFTN
M;B1NG1-CE>_\6#P?:NET'3_ .HZC%JUS+=:[/ N(X[7P]/';1C&.(HXB#ZY8
MGMZ4 ='JOQ>T>6^N-+T&YT^XO(P1]IOKM(+13QSO)R_7HHYQUZ5@0:AX-U&^
MCG\8^)#XDU&!F=(K>REELX1NQ\B1H5;IC<Q.?P%=O#XRTZ%A!8^&O$.P<)Y6
MC2Q(1[%@H]>N*2?Q?KDD3C2? NLW$ZMC%Y+!:H1GJ&+D_AMH P[/QOH%AXSO
MKJTEU&2SU.V$KQ+IMSN-Q$,%E!09S'MS@8'EY..:Z)?B%821HZ:-XC(<9!&C
M7!_4+S^%<CXFN_'%T^E:S-X9T_2O[,O4F#RZGYIPX,3*VQ?ND/DXSPIZ]#8\
M6:GX]TCPCK5_K-UX;MK5("D:64$\TLC.=@7+LH'+#G!^E %+X?\ C"QTS3-8
MU2\LM7D.K:K<7JRPZ;-(GE$A5PX7! QV)QTKL1\4/"NW)N;]3Z'2KK/_ *+J
MOI_@_P 366F65E'XSF@AM8(X$2WTZ# 55 '+ACVZY_"FCX;.]R;B?QIXOD9C
MN9%U/RT/L%11M'L* -&+XB^&)9#&M],K!0QWV<Z  ^Y0"KB^-O"K2^4/$NC>
M9G;L^WQ9SZ8W=:PG^%&@S3&2YO=<N2>HEU.4Y_7-6+7X5>"[6Z^T_P!A17$W
M0M=R27 /X2,P_2@#9E\7>'(/]=K^EQ<9^>\C7C\34/\ PG?A#_H:=$_\&$7_
M ,54MOX0\-VI/V?P]I,.3SY=E&N?R%/E\*^'YE*RZ%I<BGJ'M(R#^E $4?C7
MPK,P6+Q+H\C$X 2^B))].&K3MM1L[PM]ENH)]OWO*E#8^N#6)-\/O!\\91_"
M^D $8)CLXT/X$ $?6L"7X)^!B\;VVF7%I(C;@\%Y+D_FQ_3% 'H8.12U%!$(
M(DC4MM4!1N))P!ZGDU+0 4444 %%%% !1110 4444 %%%% !1110 4444 %%
M%% !1110 4444 %%%% !1110 4444 %!HI#28'/:4IO/%FMWIY6W$-C&?HOF
M/C\9%'_ :Z*L#PDA&GWTK?>FU*\8GV$[J/T45OUK5^*W;0!& *D$9![5YO>N
M]E#%X?N5VK9:Q9O:D\B2V:<;,?[I^0_[H]:])->=_%>%K.PTOQ''G=I=Y$TR
MC^*(NI(_[Z5*VPBYJJAW_/6W^0ST(=*\Y^*CRZ/:#6H0WERV5QIMR5&2!(N8
MS^#C&?\ :KT5&#H&'(/(K.\0Z)#XBT&\TFX=DBN4V%U RISD$9]"!6>&J*G5
MC*6W7T$<[_9K:[\(K2T@YF?2H7@/<2+&K(1_P("M;PCXJL?%6CPW%M,K7*1I
M]JB'#12$<@CZ@U=T+1TT+0K+2HI7F2UB$:N_5L5;MK&VM&D-M;PPF5M\GEH%
MW-ZG'4TYU(M2CYW7]?<!R>J:C%X7\=KJ%YF/3=7MX[9[C^"*>,MMWGL&5\9]
M16[?^*-#TN#SKW5;2)".,R@EOH!R?PK1N;6"\MY+>YACFAD&UXY%#*P]P:R-
M*\'>'M$G,^G:1:02D[O,6/+ ^Q/(^@I<T))<][KM;7MZ?B,R9]3USQ7LCT*.
M73-+8XEU"ZC*2R)W\E#R/]Y@/85TNE:19:-9K:6, BB!R>[.QZLQZL3W)YJ[
MBEJ93NN5*R_K?N(****S **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@!NP9HVBG5@^--<F\-^#-6
MU>VC$D]K;L\2L,C=T!(] 2"?84 ;FP9S2[17$WL=CX9TNSU+4O$&N&XEDA$E
MVAGN$E;<OR^2@:-%<_+\JKUP#DT^7QQ>0I>LVCQ8L]8@TV3_ $M@2DWE[90#
M'U_>KE#C&#\U '9[10% KDH?&<M\^N065I9_:M-\X"":\VRYC. TD>S**W)4
MC<"N#P3BJ-UXVU?1/!=CKFIZ98O']C2XN9?[1";LXXC!C^:0@YVX49. QH U
MO']JL_@36Y-TH>VLIKB(I(R_.D;%<@?>&<'!R.G'%8GCH)KT_@[2;:17BU#4
MX[MV)XDMXD,C#\?EY'MZU=\0:]>/9^)]-GTRV5(-/\VW9KIO]*20.N,>7A3E
M2,9;DCL<UYOX;\5LVK:/?"U-QI/AGP[:PW;;]C0R3+'OE7CYP%4 J2/NL1G&
M" >]@8I:YWQE9/?:%&L-]>6<WVJW6.>TN'B9=\J(<[2 PPQX.17-^)?$NH7O
MPRO7M99;+5X[.X-V\)*M;O ")-IP,9<  \'#9'2@#T:BN1U;Q!<>$XK.$:>)
MM-7R8C<W6I?OG9W"816#-(5R"VYEX/&3Q2IXLO[J?7D30-UOI$CPS*]VHEF(
MC#KL3!3#!A]YP0.V>* .MHKC+OQA-I.F:5=IHMM%I=Q#:X+7R1LIE(4)%'M^
M?8""<[.,8ST"R^.KB*[O4;1'2WLM5ATV>22Y7<?-*!)$5001^\4D$C /KD
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MRG)'&9M3\8SV(U&>#2A/:Z3$LFIEKD+)#E!(510I#E4()^91Z$U,).$E*.Z
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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MEI'A@ULN.(P>"?O$=LGT2B@#S.UU63P]J.IOH5G>W%CJ5RUVT-YI&HQ&WF8
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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MUYZ\UE:IX1>+3](L-$A4V6G;PEO+JEU;2#(PNVX0LX4 L-I!&"!P%Q0!D_\
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M-L1+)(?X&",KA5(Y((XS]X8YZ/0;N6_\/:==W$UM//-;1O++:MF)W*@L4/\
M=SG%5WM/$1M[=4UC3A,"QN';3G(8$C C'G#9@9^\7R?RJYI6FP:/I5KIUMN,
M-O&(U+8R<=SC R?:@"Y1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 ?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>pamfs4q226ke2_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pamfs4q226ke2_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "F DT# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *JZC?PZ9I\U[/N\J%
M=Q"C)/;%6JPO&7_(I:A_N+_Z$*TIQ4IJ+ZLRK2<*<I+HF8W_  LO3?\ GRN_
M_'?\:/\ A9>F_P#/E=_^._XUYC17O_V?0[?B?*?VMBNZ^X]._P"%EZ;_ ,^5
MW_X[_C4L7Q(T=R!)!>1^^Q2/T->644GE]#L_O!9OBNZ^X]PTWQ%I.K$+9WL;
MR'_EFWRM^1Z_A6I7SX"58,I((.01VKT3P9XQEN)TTO4Y"[MQ!.QY)_NMZ^QK
MAQ& <%S4W='J8/-E5DH559OKT._HHHKRSW HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "L+QE_R*6H?[B_^A"MVL+QE_P BEJ'^XO\
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M>:TT[,]I--704444AA1110 4444 %%%% !1110 4444 %%%% !1110 4444
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MYJFMV-]XAU,1V]M<QSM 90=VU@V B?+VZU+HVU<D/GOLCM?''_(CZS_UZO\
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MH(A@ =2>Y)[D^M7:**&[ZL HHHI %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 17/_ !ZR_P"X?Y5X!7O]S_QZR_[A_E7@%>SE>TOD?.9Y
MO#Y_H>K_  Z_Y%EO^OA_Y+76URWP_@DA\+JTBE1+*SIGNO S^AKJ:\[%?QI>
MI[&"5L/"_9!1117.=84444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110!'-/%;0M-/*D42\L[L% ^I-+%+'-&LD4BR1MR&0
MY!_&J>M:5%KFC76F3R/''<)M+)C(YSW^E>:R?!9HR6L_$+H>H#6_?ZA_Z5K"
M,&O>E8EMK9'JL]Q#:Q&6XFCBC7J\C!0/Q->,?$+78O&FOZ;H6AD7(CD*^:OW
M7=L#@_W0!R>G7TK1C^"TLK!KWQ"SG/(6W)_4M_2NX\->"M&\+!FL86>Y<8:X
MF.YR/0=@/I6L73I/F3NR&I2T:LC=MH$M;6&WCSLB147/H!@5+117*:A1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 $9&#TK('A?0Q)Y@TNWW9SRN1
M^72M>BJC.4?A=B)0C+XE<15"J%4 *!@ #@"EHHJ2PHHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
$H __V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>pamfs4q226ke2_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pamfs4q226ke2_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !0 1@# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ KG_&=_=:;X<EN+.8Q3"1%#@ D
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MC2[F::T@DE6?:'= QQM''-1?$?3;.WL[.[@MXXI3*8V**%W#!/./I5SX9_\
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)** "BBB@#__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>pamfs4q226k_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pamfs4q226k_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !- &8# 2(  A$! Q$!_\0
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MHH **** "BBB@#R#5KUEUF^78.)W'7W-4_M[?\\Q^=5M<D<:_J(#'_CYD_\
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-I10 4444 %%%% '_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
