<SEC-DOCUMENT>0001292814-23-002184.txt : 20230510
<SEC-HEADER>0001292814-23-002184.hdr.sgml : 20230510
<ACCEPTANCE-DATETIME>20230510171327
ACCESSION NUMBER:		0001292814-23-002184
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230510
DATE AS OF CHANGE:		20230510

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:		23907647

	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>pampr1q23_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="word-spacing: 0px; background-color: white"><B>Exhibit
1: </B></FONT><A HREF="ex99-1.htm"> Earnings release 1Q23</A></P>


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

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

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

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

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

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

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

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 12pt; text-align: center"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="border: rgb(0,111,192) 1pt solid">
    <P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #006FC0">Pampa Energ&iacute;a, an independent
    company with active participation in Argentina&rsquo;s electricity and gas value chain, announces the results for the quarter ended on
    March 31, 2023.</P></TD></TR>
  </TABLE>
<P STYLE="text-align: right; margin: 0; font: 9pt Verdana, Helvetica, Sans-Serif; color: #5F6062">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; text-align: right; margin: 0; color: #5F6062">Buenos Aires, May 10, 2023</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #5F6062">&nbsp;</P>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <tr style="vertical-align: middle">
    <td rowspan="14" style="text-align: left; background-color: rgb(242,242,242); font-size: 8pt; vertical-align: top"><p style="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt 5.65pt; color: #0070C0">&nbsp;</p>
                                                                                                                       <p style="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt 5.65pt; color: #0070C0">Stock information</p>
<p style="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062"><IMG SRC="image_002.jpg" ALT=""></p>

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

<p style="font: bold 8pt/110% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Share capital net of repurchases
and reductions<br>
as of May 9, 2023<font style="font-weight: normal"><br>
1,363.5 million common shares/<BR>
54.5 million ADS</font></p>
<p style="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Market capitalization: <font style="font-weight: normal"><br>
AR$854.0 billion/US$1,880 million</font></p>

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


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

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

<p style="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt"><font style="color: #5F6062">Access link:</font> <font style="font-weight: normal; color: #00B0F0"></font></p>
<p style="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt"><font style="font-weight: normal; color: #00B0F0">bit.ly/Pampa1Q2023VC</font></p>

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

<P STYLE="color: #5F5F61; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pampa&rsquo;s financial information
adopts US$ as functional currency, expressed in AR$ at transactional FX. However, our affiliates, Transener and TGS, report in local currency.
Hence, their figures are adjusted by inflation as of March 31, 2023, except for previous periods already reported.</P>

<p style="color: #0081C6; font: 10pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify"><b><a name="a_002"></a>Main results from the
quarter<font style="font-family: Verdana, Helvetica, Sans-Serif"><sup>[1]</sup></font></b></p>

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

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: #00B0F0"><B>5% year-on-year
increase in sales, recording US$431 million<SUP>[2]</SUP> in Q1 23, </B></FONT><FONT STYLE="color: #5F6062">explained by better natural
gas and spot energy prices, higher electricity, reforming and styrene volume sold, and the incorporation of PEA and PEMC, partially offset
by lower gas production due to soft residential demand and bottlenecks in the main gas pipelines.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: #00B0F0"><B>Operating performance
</B></FONT><FONT STYLE="color: #5F6062">led by thermal power dispatch and reforming:&nbsp;</FONT></p>
</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-size: 8pt">&nbsp;</td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: left; background-color: #1A458C">Pampa's main operational KPIs</td>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: #1A458C">Q1 23</td>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: #1A458C">Q1 22</td>
    <td style="color: white; font-weight: bold; font-style: italic; text-align: center; background-color: #1A458C">Variation</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-size: 8pt">&nbsp;</td>
    <td style="color: #4F5150; font-weight: bold">Power</td>
    <td style="color: #4F5150">Generation (GWh)</td>
    <TD STYLE="color: #5F6062; text-align: center">5,760</td>
    <TD STYLE="color: #5F6062; text-align: center">4,892</td>
    <td style="font-style: italic; text-align: center">+18%</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-size: 8pt">&nbsp;</td>
    <td style="color: #4F5150; font-weight: bold">&nbsp;</td>
    <td style="color: #4F5150">Gross margin (US$/MWh)</td>
    <TD STYLE="color: #5F6062; text-align: center">20.8</td>
    <TD STYLE="color: #5F6062; text-align: center">28.9</td>
    <td style="font-style: italic; text-align: center">-28%</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-size: 8pt">&nbsp;</td>
    <td style="color: #4F5150; text-align: left">&nbsp;</td>
    <td style="color: #4F5150">&nbsp;</td>
    <td style="color: #5F6062; text-align: center">&nbsp;</td>
    <td style="color: #5F6062; text-align: center">&nbsp;</td>
    <td style="font-style: italic; text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-size: 8pt">&nbsp;</td>
    <td style="color: #4F5150; font-weight: bold">Oil and gas </td>
    <td style="color: #4F5150">Production (k boe/day)</td>
    <TD STYLE="color: #5F6062; text-align: center">57.6</td>
    <TD STYLE="color: #5F6062; text-align: center">57,5</td>
    <td style="font-style: italic; text-align: center">+0%</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-size: 8pt">&nbsp;</td>
    <td style="color: #4F5150; font-weight: bold">&nbsp;</td>
    <td style="color: #4F5150">Gas over total production</td>
    <TD STYLE="color: #5F6062; text-align: center">91%</td>
    <TD STYLE="color: #5F6062; text-align: center">91%</td>
    <td style="font-style: italic; text-align: center">-0%</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-size: 8pt">&nbsp;</td>
    <td style="color: #4F5150; font-weight: bold">&nbsp;</td>
    <td style="color: #4F5150">Average gas price (US$/MBTU)</td>
    <TD STYLE="color: #5F6062; text-align: center">4.0</td>
    <TD STYLE="color: #5F6062; text-align: center">3.5</td>
    <td style="font-style: italic; text-align: center">+11%</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-size: 8pt">&nbsp;</td>
    <td style="color: #4F5150; font-weight: bold">&nbsp;</td>
    <td style="color: #4F5150">Average oil price (US$/bbl)</td>
    <TD STYLE="color: #5F6062; text-align: center">67.7</td>
    <TD STYLE="color: #5F6062; text-align: center">69.0</td>
    <td style="font-style: italic; text-align: center">-2%</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-size: 8pt">&nbsp;</td>
    <td style="color: #4F5150; text-align: left">&nbsp;</td>
    <td style="color: #4F5150">&nbsp;</td>
    <td style="color: #5F6062; text-align: center">&nbsp;</td>
    <td style="color: #5F6062; text-align: center">&nbsp;</td>
    <td style="font-style: italic; text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-size: 8pt">&nbsp;</td>
    <td style="color: #4F5150; font-weight: bold">Petrochemicals</td>
    <td style="color: #4F5150">Volume sold (k ton)</td>
    <TD STYLE="color: #5F6062; text-align: center">103</td>
    <TD STYLE="color: #5F6062; text-align: center">91</td>
    <td style="font-style: italic; text-align: center">+13%</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-size: 8pt">&nbsp;</td>
    <td style="color: #4F5150; font-weight: bold">&nbsp;</td>
    <td style="color: #4F5150">Average price (US$/ton)</td>
    <TD STYLE="color: #5F6062; text-align: center">1,219</td>
    <TD STYLE="color: #5F6062; text-align: center">1,385</td>
    <td style="font-style: italic; text-align: center">-12%</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-size: 8pt">&nbsp;</td>
    <td style="border-bottom: #5F6062 1pt solid">&nbsp;</td>
    <td style="border-bottom: #5F6062 1pt solid">&nbsp;</td>
    <td style="border-bottom: #5F6062 1pt solid; text-align: center">&nbsp;</td>
    <td style="border-bottom: #5F6062 1pt solid; text-align: center">&nbsp;</td>
    <td style="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-size: 8pt">&nbsp;</td>
    <td colspan="5" style="font-size: 8pt; border-top: #5F6062 1pt solid"><p style="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 10pt 0 8pt; text-align: justify"><font style="color: #00B0F0"><b></b></font></p>



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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: #00B0F0"><B>8% year-on-year
decrease in the adjusted EBITDA<SUP>[3]</SUP>, recording US$206 million in Q1 23</B></FONT><FONT STYLE="color: #5F6062">, explained by
reductions of 29% in holding and others and 11% in power generation, partially offset by increases of 16% in petrochemicals and 10% in
oil and gas.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: #00B0F0"><B>Profit attributable
to the Company&rsquo;s shareholders of US$141 million </B></FONT><FONT STYLE="color: #5F6062">(+42% vs. Q1 22), mainly due to gains from
holding financial securities and nominal depreciation over the passive net monetary position in AR$, partially offset by increased financial
interests from the higher stock of AR$-debt.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: #00AFEF"><B>Net debt continued
decreasing, reaching US$903 million</B></FONT><FONT STYLE="color: #5F6062">, with a net leverage ratio of 1.2x.</FONT></P>

</td></tr>
  </table>
<P STYLE="color: #0081C5; font: 10pt Verdana, Helvetica, Sans-Serif; margin: 8pt 0; text-align: justify"></P>


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

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

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[2]</SUP> It does not include
sales from the affiliates CTBSA, Transener and TGS, which at our ownership account for US$94 million. Under IFRS, affiliates are not consolidated
in Pampa, thus shown as &lsquo;Results for participation in joint businesses and associates&rsquo;.</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[3]</SUP> Consolidated
adjusted EBITDA represents the results before financial results, income tax, depreciations and amortizations, extraordinary and non-cash
income and expense, equity income and other adjustments from the IFRS implementation, and includes affiliates&rsquo; EBITDA at our ownership.
For further information, see section 3 of this Earnings release.</P>
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<P STYLE="color: #0081C6; font: bold 16pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 0.25in; text-align: justify">Table of contents</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="3" STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_001">Basis of presentation&#9;</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_001">1</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="3" STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_002">Main results from the quarter&#9;</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_002">1</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_003">1.</A></TD>
  <TD COLSPAN="2" STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_003">Relevant Events</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_003">3</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062; width: 35pt">&nbsp;</TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062; width: 35pt"><A HREF="#a_004">1.1</A></TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_004">Power generation segment</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062; width: 10%"><A HREF="#a_004">3</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062">&nbsp;</TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_005">1.2</A></TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_005">Oil and gas segment</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_005">3</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062">&nbsp;</TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_006">1.3</A></TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_006">Other news</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_006">3</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062">&nbsp;</TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_007">1.4</A></TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_007">Redemption of the 2023 notes and issuance of Pampa&rsquo;s second green bond</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_007">4</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_008">2.</A></TD>
  <TD COLSPAN="2" STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_008">Financial highlights</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_008">5</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062">&nbsp;</TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_009">2.1</A></TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_009">Consolidated balance sheet</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_009">5</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062">&nbsp;</TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_010">2.2</A></TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_010">Consolidated income statement</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_010">6</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062">&nbsp;</TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_011">2.3</A></TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_011">Cash and financial borrowings</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_011">7</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_012">3.</A></TD>
  <TD COLSPAN="2" STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_012">Analysis of the Q1 23 results</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_012">10</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062">&nbsp;</TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_013">3.1</A></TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_013">Reconciliation of consolidated adjusted EBITDA</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_013">10</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062">&nbsp;</TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_014">3.2</A></TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_014">Analysis of the power generation segment</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_014">11</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062">&nbsp;</TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_015">3.3</A></TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_015">Analysis of the oil and gas segment</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_015">13</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062">&nbsp;</TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_016">3.4</A></TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_016">Analysis of the petrochemicals segment</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_016">15</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062">&nbsp;</TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_017">3.5</A></TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_017">Analysis of the holding and others segment</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_017">16</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062">&nbsp;</TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_018">3.6</A></TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_018">Analysis of the quarter, by subsidiary and segment</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_018">17</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_019">4.</A></TD>
  <TD COLSPAN="2" STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_019">Appendix</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_019">18</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062">&nbsp;</TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_020">4.1</A></TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_020">Power generation&rsquo;s main operational KPIs</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_020">18</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062">&nbsp;</TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_021">4.2</A></TD>
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_021">Oil and gas production in the main areas</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_021">19</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_022">5.</A></TD>
  <TD COLSPAN="2" STYLE="padding-bottom: 5px; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_022">Glossary of terms</A></TD>
  <TD STYLE="padding-bottom: 5px; text-align: right; font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; color: #5F6062"><A HREF="#a_022">19</A></TD></TR>
</TABLE>

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

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



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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_003"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Relevant Events</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_004"></A>1.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Power generation segment</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #20396D"><B><I>Amendment of differential
remuneration for legacy/spot CCGTs</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Through Note
No. NO-2023-28679610-APN-SE#MEC issued on March 15, 2023, the SE established the main conditions to implement the differential pricing
under SE Res. No. 59/23: <B>(i)</B> CCGTs that are partially committed under a PPA may adhere to this pricing scheme - self-generators
with associated industrial or commercial demand are excluded; <B>(ii)</B> the scheme&rsquo;s term cannot begin after January 1, 2024,
and extend beyond May 31, 2028; and <B>(iii) </B>power producers may request the termination, subject to the SE&rsquo;s approval.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Under this
scheme, Pampa signed on CTLL, CTGEBA CCGTs (1,239 MW total gross capacity) and CTEB&rsquo;s GTs that are part of the CCGT commissioned
in February 2023 (567 MW gross capacity). The differential remuneration applies from March 1, 2023, until February 29, 2028.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Additional commissioning
in PEPE IV and new expansion project in PEPE VI</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On April
4, 2023, two 4.5 MW Vestas wind turbines were commissioned. Hence, the remaining eight wind turbines will be fully online by the second
quarter of 2023 for 36 MW. On the other hand, on May 2023, ten 4.5 MW wind turbines were added for the PEPE VI&rsquo;s expansion project,
increasing the total capacity to 140 MW. Therefore, the commissioning is estimated as follows: 95 MW by Q3 24 and 45 MW by Q4 24. The
wind farm will sell energy in the MAT ER under US$-PPA with private parties.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><A NAME="a_005"></A><B>1.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Oil and gas segment</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">In May 2023,
the SE approved additional export volumes to Chile on a firm basis for 0.9 million m<SUP>3</SUP>/day, to be delivered between the winter
months of May and June 2023. Considering this permit, the total exportable volume for said period on a firm basis amounts to 2.2 million
m<SUP>3</SUP>/day.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Termination of our
working interest in Estaci&oacute;n Fern&aacute;ndez Oro block</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On March
14, 2023, Pampa accepted YPF&rsquo;s offer to terminate our 15% share in Estaci&oacute;n Fern&aacute;ndez Oro wells, effective January
1, 2023. During 2022, this block represented 0.07% of Pampa&rsquo;s oil and gas production.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_006"></A>1.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Other news</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #20396D"><B><I>Tariff situation in TGS,
Transener and Transba regulated business</I></B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Through PEN
Executive Order No. 250/23 and ENARGAS Res. No. 186/23, TGS&rsquo;s tariff scheme was incremented by 95%, applicable to March 2022 schedules
and effective April 29, 2023. Moreover, dividends are allowed upon the Ministry of Economy&rsquo;s approval.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Moreover,
as of June 1, 2023, the ENRE started a new Comprehensive Tariff Review process for power transmission utility companies under national
jurisdiction, including Transener and Transba (Res. No. 364/23).</P>


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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">The shareholders&rsquo;
meeting of Pampa, dated April 26, 2023, approved the tenure renewal of Gustavo Mariani and Ricardo Alejandro Torres as non-independent
and Silvana Wasersztrom as independent board members. Hence, 50% of Pampa&rsquo;s Board continues to be independent, and female directors
hold 4 out of 10 positions.</P>

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">The shareholders&rsquo;
meeting of Pampa, dated April 26, 2023, approved canceling 20.1 million shares (or 0.8 million ADR) held in treasury by Pampa and its
subsidiaries. As of today, said cancellation is pending authorization by the applicable authority<SUP>[4]</SUP>.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><A NAME="a_007"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>1.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Redemption of the 2023 notes
and issuance of Pampa&rsquo;s second green bond</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On May 5,
2023, Pampa announced the redemption of the 2023 Notes at a 7.375% rate, originally due on July 21, 2023, and which outstanding amounted
to US$92.9 million. The redemption will occur on June 8, 2023, at 100% of the FV. Moreover, Pampa will pay accrued and unpaid interest
to (but not including) the redemption date and Additional Amounts, if any, as defined in the bond&rsquo;s Indenture<SUP>[5]</SUP>.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #5F6062">Moreover,
seeking to finance the expansion project of PEPE VI, on May 4, 2023, Pampa issued its second Green Bond (Series XVII CB) for AR$5,980
million at a variable interest rate of Badlar plus 2%, maturing on May 2024. Said issuance gathered AR$852 million as payment in kind
from the first Green Bond (Series VIII CB) and the remaining in cash. As our first Green Bond, this security was rated (BV1) by Fix Ratings,
an affiliate of Fitch Ratings, and joined the </FONT><FONT STYLE="color: #00B0F0">SGS Bonds Panel</FONT> <FONT STYLE="color: #5F6062">of
the ByMA.<BR STYLE="clear: both">
</FONT></P>


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<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify"><FONT STYLE="color: #5F6062"><SUP>[4]</SUP>
For further information, see </FONT><FONT STYLE="color: #00B0F0">Ownership Breakdown</FONT><FONT STYLE="color: #5F6062">.</FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify"><FONT STYLE="color: #5F6062"><SUP>[5]</SUP>
For further information, click </FONT><FONT STYLE="color: #00B0F0">here</FONT><FONT STYLE="color: #5F6062">.</FONT></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_009"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>2.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Consolidated balance sheet</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; text-align: left">Figures in million</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">As of 03.31.2023</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">As of 12.31.2022</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">AR$</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">US$ FX 209,01</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">AR$</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">US$ FX 177,16</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left; width: 54%">ASSETS</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Property, plant and equipment</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">478,125</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,288</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">383,464</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,165</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Intangible assets</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">27,048</TD>
    <TD STYLE="color: #4F5150; text-align: right">129</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">24,364</TD>
    <TD STYLE="color: #4F5150; text-align: right">138</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Right-of-use assets</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,652</TD>
    <TD STYLE="color: #4F5150; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,521</TD>
    <TD STYLE="color: #4F5150; text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Deferred tax asset</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">9,185</TD>
    <TD STYLE="color: #4F5150; text-align: right">44</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">6,326</TD>
    <TD STYLE="color: #4F5150; text-align: right">36</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Investments in joint ventures and associates</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">195,096</TD>
    <TD STYLE="color: #4F5150; text-align: right">933</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">159,833</TD>
    <TD STYLE="color: #4F5150; text-align: right">902</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at amortized cost</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">21,038</TD>
    <TD STYLE="color: #4F5150; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">18,000</TD>
    <TD STYLE="color: #4F5150; text-align: right">102</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">5,742</TD>
    <TD STYLE="color: #4F5150; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">4,867</TD>
    <TD STYLE="color: #4F5150; text-align: right">27</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Other assets</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">103</TD>
    <TD STYLE="color: #4F5150; text-align: right">0</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">91</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other receivables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">5,823</TD>
    <TD STYLE="color: #4F5150; text-align: right">28</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3,415</TD>
    <TD STYLE="color: #4F5150; text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total non-current assets</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">743,812</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,559</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">601,881</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,397</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Inventories</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">40,092</TD>
    <TD STYLE="color: #4F5150; text-align: right">192</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">30,724</TD>
    <TD STYLE="color: #4F5150; text-align: right">173</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at amortized cost</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3,485</TD>
    <TD STYLE="color: #4F5150; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,357</TD>
    <TD STYLE="color: #4F5150; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">130,780</TD>
    <TD STYLE="color: #4F5150; text-align: right">626</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">103,856</TD>
    <TD STYLE="color: #4F5150; text-align: right">586</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">187</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">161</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other receivables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">100,683</TD>
    <TD STYLE="color: #4F5150; text-align: right">482</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">83,328</TD>
    <TD STYLE="color: #4F5150; text-align: right">470</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">26,298</TD>
    <TD STYLE="color: #4F5150; text-align: right">126</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">18,757</TD>
    <TD STYLE="color: #4F5150; text-align: right">106</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total current assets</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">301,525</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,443</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">238,183</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,344</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total assets</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">1,045,337</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">5,001</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">840,064</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">4,742</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">EQUITY</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Equity attributable to owners of the company</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">509,572</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,438</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">403,463</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,277</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Non-controlling interest</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,397</TD>
    <TD STYLE="color: #4F5150; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,157</TD>
    <TD STYLE="color: #4F5150; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total equity</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">510,969</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,445</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">404,620</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,284</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">LIABILITIES</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Provisions</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">30,907</TD>
    <TD STYLE="color: #4F5150; text-align: right">148</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">26,062</TD>
    <TD STYLE="color: #4F5150; text-align: right">147</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Income tax and presumed minimum income tax liabilities</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">35,719</TD>
    <TD STYLE="color: #4F5150; text-align: right">171</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">31,728</TD>
    <TD STYLE="color: #4F5150; text-align: right">179</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Deferred tax liabilities</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">23,590</TD>
    <TD STYLE="color: #4F5150; text-align: right">113</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">19,854</TD>
    <TD STYLE="color: #4F5150; text-align: right">112</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Defined benefit plans</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">6,650</TD>
    <TD STYLE="color: #4F5150; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">4,908</TD>
    <TD STYLE="color: #4F5150; text-align: right">28</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Borrowings</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">281,374</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,346</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">237,437</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,340</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other payables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">5,813</TD>
    <TD STYLE="color: #4F5150; text-align: right">28</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3,757</TD>
    <TD STYLE="color: #4F5150; text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total non-current liabilities</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">384,053</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,837</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">323,746</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,827</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Provisions</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">909</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">779</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Income tax liabilities</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">506</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">927</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Taxes payables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">6,026</TD>
    <TD STYLE="color: #4F5150; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">4,966</TD>
    <TD STYLE="color: #4F5150; text-align: right">28</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Defined benefit plans</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">984</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,021</TD>
    <TD STYLE="color: #4F5150; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">4,502</TD>
    <TD STYLE="color: #4F5150; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">5,627</TD>
    <TD STYLE="color: #4F5150; text-align: right">32</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">371</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">318</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Borrowings</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">67,982</TD>
    <TD STYLE="color: #4F5150; text-align: right">325</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">48,329</TD>
    <TD STYLE="color: #4F5150; text-align: right">273</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other payables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">69,035</TD>
    <TD STYLE="color: #4F5150; text-align: right">330</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">49,731</TD>
    <TD STYLE="color: #4F5150; text-align: right">281</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total current liabilities</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">150,315</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">719</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">111,698</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">630</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">534,368</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,557</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">435,444</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,458</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total liabilities and equity</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">1,045,337</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">5,001</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">840,064</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">4,742</TD></TR>
  </TABLE>

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

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


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_010"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>2.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Consolidated income statement</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-right: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-right: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left; border-top-color: #1A458C; border-top-width: 0.5pt">Figures in million</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">2023</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-right: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">2022</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-right: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left; border-top-color: #1A458C; border-top-width: 0.5pt; width: 50%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 12%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 12%">US$</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 12%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 12%">US$</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Sales revenue</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">83,915</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">431</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">44,011</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">412</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; vertical-align: middle; text-align: left">Local market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">67,409</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">345</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">33,709</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">316</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; vertical-align: middle; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">16,506</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">86</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">10,302</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">96</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Cost of sales</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(50,538)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(265)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(26,244)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(247)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">33,377</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">166</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">17,767</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">165</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Selling expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(3,193)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(16)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(2,063)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(20)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Administrative expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(8,310)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(41)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(3,529)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(32)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Exploration expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(48)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Other operating income</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">4,859</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1,300</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Other operating expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(3,845)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1,668)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(15)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(291)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(127)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Rec. of imp. (impairment) of int. assets &amp; inventories</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">411</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(9)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Results for part. in joint businesses &amp; associates</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">3,200</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">2,682</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">25</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">26,160</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">129</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">14,345</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">133</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Financial income</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">193</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">0</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">246</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Financial costs</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(14,711)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(76)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(4,195)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(39)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Other financial results</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">14,643</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">84</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(289)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">125</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(4,238)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(38)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">26,285</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">137</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">10,107</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">95</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Income tax</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">643</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">347</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Net income for the period</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">26,928</TD>
    <TD STYLE="font-weight: bold; text-align: right">141</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">10,454</TD>
    <TD STYLE="font-weight: bold; text-align: right">100</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Attributable to the owners of the Company</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">26,918</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">141</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">10,304</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">99</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Attributable to the non-controlling interests</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">150</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Net income per share to shareholders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">19.51</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.10</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">7.46</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.07</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Net income per ADR to shareholders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">487.65</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">2.56</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">186.40</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">1.79</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Average outstanding common shares<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-weight: 700"><I><SUP>1</SUP></I></FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,380</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right"></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,382</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right"></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: left">Outstanding shares by the end of period<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-weight: 700"><I><SUP>1</SUP></I></FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,380</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right"></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,382</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right"></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 91.35pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>: <B>1</B>
It nets shares from the Employee stock-based compensation plan, which as of March 31, 2023 and 2022 amounted to 3.9 million common shares.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_011"></A>2.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Cash and financial borrowings</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; vertical-align: middle; text-align: left">As of March 31, 2023,<BR>
in US$ million</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; vertical-align: middle; text-align: center">Cash<FONT STYLE="font: normal 700 9pt Verdana, Helvetica, Sans-Serif; color: white"><SUP>1</SUP></FONT> </TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; vertical-align: middle; text-align: center">Financial debt</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; vertical-align: middle; text-align: center">Net debt</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">Consolidated <BR>
in FS</TD>
    <TD STYLE="color: white; text-align: center">Ownership adjusted</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center; border-top-color: white; border-top-width: 0.5pt">Consolidated <BR>
in FS</TD>
    <TD STYLE="color: white; text-align: center">Ownership adjusted</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; border-top-color: white; border-top-width: 0.5pt">Consolidated <BR>
in FS</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">Ownership adjusted</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left; width: 31%">Power generation</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center; width: 11%">599</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center; width: 11%">596</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center; width: 11%">676</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center; width: 11%">676</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center; width: 11%">76</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center; width: 11%">79</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Petrochemicals</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">-</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Holding and others</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">0</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">0</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">(0)</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">(0)</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Oil and gas</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">168</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">168</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">996</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">996</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">827</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">827</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">Total under IFRS/Restricted Group</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">768</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">765</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">1,671</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">1,671</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">903</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">906</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Affiliates at O/S<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #404040"><SUP>2</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">135</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">135</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">307</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">307</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">172</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">172</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">Total with affiliates</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">904</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">901</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">1,979</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">1,979</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">1,075</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">1,078</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 1pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 1.35pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>: Financial
debt includes accrued interest. <B>1</B> It includes cash and cash equivalents, financial assets at fair value with changing results,
and investments at amortized cost. <B>2</B> Under IFRS, the affiliates CTBSA, Transener and TGS are not consolidated in Pampa.</P>

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">Pampa&rsquo;s
financial debt at the consolidated level under IFRS increased to US$1,671 million as of March 31, 2023, slightly higher than the end of
2022. However, the net debt remained similar, reaching US$903 million. The average interest rate for US$-bearing indebtedness was 8.5%,
in which 81% of the Company&rsquo;s gross debt is denominated, mainly at a fixed rate. US$-link indebtedness rate was 0%, and the AR$
average interest rate was 73.4%. Pampa&rsquo;s consolidated financial debt averaged 3.4 years. The chart below shows the principal maturity
profile, net of repurchases, in US$ million by the end of Q1 23:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><IMG SRC="image_004.jpg" ALT=""></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>Note: </B>It only considers Pampa consolidated under
    IFRS; it does not include affiliates TGS, Transener, and CTBSA.</P></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">During
Q1 23, Pampa issued the Series XV CB for AR$18,264 million<SUP>[6]</SUP> at a Private Badlar plus 2% floating rate, maturing on July 2024
and re-opened the Series XIII US$-link CB, issuing US$48.2 million at a 0% rate, maturing on December 2027. Pampa took net import pre-financing
facilities for US$1.6 million and paid bank debt for AR$10,065 million.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">After the
quarter&rsquo;s closing, Pampa announced the redemption of the 2023 Notes outstanding for US$93 million. Moreover, aiming to finance PEPE
VI&rsquo;s expansion, Pampa issued its second Green Bond (Series XVII CB) for AR$5,980 million at a Private Badlar plus 2% floating rate
maturing in one year, receiving AR$852 million of our first Green Bond (Series VIII CB), which is still outstanding AR$2,283 million<SUP>[7]</SUP>.
Additionally, Pampa issued Series XVI CB in US$-MEP for US$55.7 million at a 4.99% rate maturing on November 2025, took short-term bank
debt for AR$36,168 million and paid import pre-financing for US$5.6 million.</P>



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

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[6]</SUP> Two issuances
in 2023: January 11 (AR$10,379 million) and March 6 (AR$7,885 million)</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[7]</SUP> For further information,
see section 1.4 of this Earnings release</P>
<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> <P STYLE="text-align: center; color: #5F6062; font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt"><IMG SRC="image_003.jpg" ALT=""></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; text-align: center; color: #5F6062; margin-top: 0; margin-bottom: 5pt">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">Regarding
our affiliates, TGS took import pre-financing for US$0.3 million in Q1 23, while Transener took net financing for AR$535 million. After
the quarter&rsquo;s closing, CTEB issued Series IX US$-link CB for US$50 million at a 0% rate, maturing on April 2026. US$2.2 million
where exchanged with Series I CB, with an outstanding of US$30 million. Additionally, TGS took net import pre-financing for US$0.3 million,
while Transener settled net borrowings for AR$178 million.</P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; width: 18%">Company<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">In million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 32%">Security</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: center; width: 10%">Maturity</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: center; width: 9%">Amount issued</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: center; width: 11%">Amount <BR>
net of repurchases</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 20%">Coupon</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="4" STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series T at discount &amp; fixed rate<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">2023</TD>
    <TD STYLE="color: #5F6062; text-align: center">500</TD>
    <TD STYLE="color: #5F6062; text-align: center">93</TD>
    <TD STYLE="color: #5F6062; text-align: center">7.375%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series IX at par &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: center">2026</TD>
    <TD STYLE="color: #5F6062; text-align: center">293</TD>
    <TD STYLE="color: #5F6062; text-align: center">179</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series I at discount &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: center">2027</TD>
    <TD STYLE="color: #5F6062; text-align: center">750</TD>
    <TD STYLE="color: #5F6062; text-align: center">597</TD>
    <TD STYLE="color: #5F6062; text-align: center">7.5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series III at discount &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: center">2029</TD>
    <TD STYLE="color: #5F6062; text-align: center">300</TD>
    <TD STYLE="color: #5F6062; text-align: center">293</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.125%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">TGS<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">CB at discount at fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: center">2025</TD>
    <TD STYLE="color: #5F6062; text-align: center">500</TD>
    <TD STYLE="color: #5F6062; text-align: center">470</TD>
    <TD STYLE="color: #5F6062; text-align: center">6.75%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$-link</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series XIII</TD>
    <TD STYLE="color: #5F6062; text-align: center">2027</TD>
    <TD STYLE="color: #5F6062; text-align: center">98</TD>
    <TD STYLE="color: #5F6062; text-align: center">98</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="4" STYLE="color: #5F6062; text-align: left">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series I</TD>
    <TD STYLE="color: #5F6062; text-align: center">2023</TD>
    <TD STYLE="color: #5F6062; text-align: center">30</TD>
    <TD STYLE="color: #5F6062; text-align: center">30</TD>
    <TD STYLE="color: #5F6062; text-align: center">4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series IV</TD>
    <TD STYLE="color: #5F6062; text-align: center">2024</TD>
    <TD STYLE="color: #5F6062; text-align: center">96</TD>
    <TD STYLE="color: #5F6062; text-align: center">96</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series VI</TD>
    <TD STYLE="color: #5F6062; text-align: center">2025</TD>
    <TD STYLE="color: #5F6062; text-align: center">84</TD>
    <TD STYLE="color: #5F6062; text-align: center">84</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series IX<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">2026</TD>
    <TD STYLE="color: #5F6062; text-align: center">50</TD>
    <TD STYLE="color: #5F6062; text-align: center">50</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$-MEP</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series XVI<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">2025</TD>
    <TD STYLE="color: #5F6062; text-align: center">56</TD>
    <TD STYLE="color: #5F6062; text-align: center">56</TD>
    <TD STYLE="color: #5F6062; text-align: center">4.99%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In AR$</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="4" STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series VIII (Green Bond)<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>4</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">2023</TD>
    <TD STYLE="color: #5F6062; text-align: center">2,283</TD>
    <TD STYLE="color: #5F6062; text-align: center">2,283</TD>
    <TD STYLE="color: #5F6062; text-align: center">Badlar Privada +2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series XI</TD>
    <TD STYLE="color: #5F6062; text-align: center">2024</TD>
    <TD STYLE="color: #5F6062; text-align: center">21,655</TD>
    <TD STYLE="color: #5F6062; text-align: center">21,655</TD>
    <TD STYLE="color: #5F6062; text-align: center">Badlar Privada +0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series XV</TD>
    <TD STYLE="color: #5F6062; text-align: center">2024</TD>
    <TD STYLE="color: #5F6062; text-align: center">18,264</TD>
    <TD STYLE="color: #5F6062; text-align: center">18,264</TD>
    <TD STYLE="color: #5F6062; text-align: center">Badlar Privada +2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series XVII (Green Bond)<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">2024</TD>
    <TD STYLE="color: #5F6062; text-align: center">5,980</TD>
    <TD STYLE="color: #5F6062; text-align: center">5,980</TD>
    <TD STYLE="color: #5F6062; text-align: center">Badlar Privada +2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="color: #5F6062; text-align: left">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series VII</TD>
    <TD STYLE="color: #5F6062; text-align: center">2023</TD>
    <TD STYLE="color: #5F6062; text-align: center">1,754</TD>
    <TD STYLE="color: #5F6062; text-align: center">1,754</TD>
    <TD STYLE="color: #5F6062; text-align: center">Badlar Privada +2.98%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series VIII</TD>
    <TD STYLE="color: #5F6062; text-align: center">2024</TD>
    <TD STYLE="color: #5F6062; text-align: center">4,236</TD>
    <TD STYLE="color: #5F6062; text-align: center">4,236</TD>
    <TD STYLE="color: #5F6062; text-align: center">Badlar Privada +1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In UVA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: left">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">CB Series II</TD>
    <TD STYLE="border-bottom: #5F6062 1.5pt solid; color: #5F6062; text-align: center">2024</TD>
    <TD STYLE="border-bottom: #5F6062 1.5pt solid; color: #5F6062; text-align: center">65</TD>
    <TD STYLE="border-bottom: #5F6062 1.5pt solid; color: #5F6062; text-align: center">65</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">4%</TD></TR>
  </TABLE>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 4pt 19.35pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>: <B>1</B>
According to IFRS, affiliates are not consolidated in Pampa&rsquo;s FS. <B>2 </B>Full redemption was announced on May 5, 2023.<BR>
<B>3</B> Issued post-Q1 23. <B>4</B> Includes partial cancelation (US$825 million) post-Q1 23.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> <P STYLE="text-align: center; color: #5F6062; font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt"><IMG SRC="image_003.jpg" ALT=""></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; text-align: center; color: #5F6062; margin-top: 0; margin-bottom: 5pt">&nbsp;</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #20396D"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">On March
2023, S&amp;P downgraded from &ldquo;CCC+&rdquo; to &ldquo;CCC-&rdquo; Pampa and TGS&rsquo;s global ratings, mainly due to the sovereign
debt downgrade. However, Pampa&rsquo;s stand-alone rating remained at &ldquo;b-.&rdquo; Moreover, on April 2023, FitchRatings upgraded
Pampa&rsquo;s long-term local rating from &ldquo;AA&rdquo; to &ldquo;AA+&rdquo; due to better predictability in the E&amp;P&rsquo;s operating
flow, thanks to the Plan Gas.Ar&rsquo;s extension and higher output.</P>

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

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> <P STYLE="text-align: center; color: #5F6062; font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt"><IMG SRC="image_003.jpg" ALT=""></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; text-align: center; color: #5F6062; margin-top: 0; margin-bottom: 5pt">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS, Times, Serif; margin-top: 12pt; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt"><A NAME="a_012"></A>3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Analysis of the Q1 23 results</FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; text-align: left">Breakdown by segment<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Q1 23</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Q1 22</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: right">Sales</TD>
    <TD STYLE="color: white; text-align: right">Adjusted EBITDA</TD>
    <TD STYLE="color: white; border-right: #1A458C 1.5pt solid; text-align: right">Net Income</TD>
    <TD STYLE="color: white; text-align: right">Sales</TD>
    <TD STYLE="color: white; text-align: right">Adjusted EBITDA</TD>
    <TD STYLE="color: white; border-right: #1A458C 1.5pt solid; text-align: right">Net Income</TD>
    <TD STYLE="color: white; font-style: italic; text-align: center">Sales</TD>
    <TD STYLE="color: white; font-style: italic; text-align: center">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-style: italic; text-align: center">Net Income</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; width: 28%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-right: white 1pt solid">Power generation</TD>
    <TD STYLE="color: #5F6062; text-align: right">173</TD>
    <TD STYLE="color: #5F6062; text-align: right">108</TD>
    <TD STYLE="color: #5F6062; text-align: right">96</TD>
    <TD STYLE="color: #5F6062; text-align: right">166</TD>
    <TD STYLE="color: #5F6062; text-align: right">121</TD>
    <TD STYLE="color: #5F6062; text-align: right">97</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+4%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-11%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Oil and Gas</TD>
    <TD STYLE="color: #5F6062; text-align: right">154</TD>
    <TD STYLE="color: #5F6062; text-align: right">62</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">137</TD>
    <TD STYLE="color: #5F6062; text-align: right">56</TD>
    <TD STYLE="color: #5F6062; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+12%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+10%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-75%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Petrochemicals</TD>
    <TD STYLE="color: #5F6062; text-align: right">125</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; text-align: right">126</TD>
    <TD STYLE="color: #5F6062; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-1%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+16%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Holding and Others</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; text-align: right">29</TD>
    <TD STYLE="color: #5F6062; text-align: right">41</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">41</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-43%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-29%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Eliminations</TD>
    <TD STYLE="color: #5F6062; text-align: right">(25)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(24)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+4%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Total</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">431</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">206</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">141</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">412</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">225</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">99</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+5%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">-8%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+42%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 4pt 5.75pt 0 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt; color: #5F6062"><B></B></FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Reconciliation of adjusted EBITDA,<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">in US$ million</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="background-color: #1A458C">
    <TD STYLE="vertical-align: bottom; border-bottom: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2023</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2022</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; width: 67%">Consolidated operating income</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 16%">129</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 16%">133</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle">Consolidated depreciations and amortizations</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">59</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">50</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">EBITDA</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">188</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">183</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; vertical-align: middle">Adjustments from generation segment</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of equity income</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(22)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(11)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(4)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of PPE activation in operating expenses</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of provision in hydros</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Greenwind's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">CTBSA's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">21</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; vertical-align: middle">Adjustments from oil and gas segment</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; vertical-align: middle">Adjustments from holding &amp; others segment</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">22</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">39</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of equity income</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(3)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of rec. of intang. assets' impairment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">TGS's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">28</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">40</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Transener's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Consolidated adjusted EBITDA</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">206</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">225</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">At our ownership</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">201</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">224</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 6pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><A NAME="a_014"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the power generation
segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Power generation segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2023</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">2022</TD>
    <TD STYLE="color: white; font-style: italic; border-right: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 65%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">173</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">166</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 12%">+4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Local market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">173</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">166</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(84)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(84)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">89</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">82</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+9%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(9)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+33%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+175%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Results for participation in joint businesses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-91%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">84</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">97</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(25)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(13)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+92%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">34</TD>
    <TD STYLE="color: #4F5150; text-align: right">9</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+278%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">9</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">93</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">94</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">96</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">98</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">-2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-style: italic; text-align: left">Attributable to owners of the Company</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">96</TD>
    <TD STYLE="font-style: italic; text-align: right">97</TD>
    <TD STYLE="font-style: italic; text-align: right">-1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">Attributable to non-controlling interests</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">-</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">108</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">121</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-11%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold; font-style: italic">Adjusted EBITDA at our share ownership</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">103</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">120</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-14%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">93</TD>
    <TD STYLE="color: #5F6062; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+18%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #5F6062">The
4% increase in power generation </FONT><FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">during Q1 23 is mainly
explained by the acquisition of PEA by the end of 2022 and PEMC&rsquo;s consolidation, in which Pampa holds full ownership. In addition
to the increased power generation year-on-year, legacy energy prices improved in US$ terms, mainly due to the differential pricing for
CCGTs under the spot segment<SUP>[8]</SUP> and, to a lower extent, the 25% increase in AR$ from February 2023. Legacy energy represented
69% of the 5,378 MW operated by Pampa<SUP>[9]</SUP>, but represented just 33% of the Q1 23 segment&rsquo;s sales. The capacity remuneration
for our thermal legacy units was US$4.9 thousand/MW-month (+7% vs. Q1 22) and US$2.2 thousand/MW-month for hydros (similar to Q1 22).</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">Those effects
were partially offset by incidents in CTLL&rsquo;s GT05, CPB and CTG (all back on service during Q1 23) and the programmed overhaul in
CTGEBA&rsquo;s CCGT, selling lesser volumes under Energ&iacute;a Plus and gas assigned to CAMMESA. It is worth highlighting that fuel
income only applies to PPAs under Energ&iacute;a Plus and CTGEBA&rsquo;s new CCGT (SEE Res. No. 287/17), by which gas is procured from
our E&amp;P business. CAMMESA provides fuel for the remaining thermal units without earning sales or accruing costs.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>operating terms</B></FONT><FONT STYLE="color: #5F6062">, Pampa&rsquo;s operated power generation
grew 18% vs. Q1 22, far exceeding the Argentine power grid&rsquo;s 8% increase because of the high demand caused by the historical hot
wave. The higher dispatch mainly came from the commissioning of CTEB&rsquo;s CCGT (+523 GWh), greater gas availability in CPB and CTIW
and fuel oil in CTPP (+255 GWh), PEA and PEPE IV&rsquo;s incorporation (+107 GWh), higher dispatch in CTGEBA and CTLL (+75 GWh) and at
Mendoza hydros as required by CAMMESA (+74 GWh). However, these increases were partially offset by programmed and forced outages mentioned
before, plus the Bolivian gas depletion that impacted CTG (-128 GWh) and lower wind resources (-43 GWh).</FONT></P>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062"></FONT></P>


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

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[8]</SUP> For further information,
see &ldquo;Amendment of differential remuneration for legacy/spot CCGTs&rdquo; in section 1.1 of this Earnings release.</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[9]</SUP> Under IFRS, we
do not consolidate CTEB (567 MW) in our financial statements since it is an affiliate. However, it is an asset operated by Pampa and its
EBITDA is incorporated to our shareholding to the total adjusted EBITDA.</P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> <P STYLE="text-align: center; color: #5F6062; font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt"><IMG SRC="image_003.jpg" ALT=""></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; text-align: center; color: #5F6062; margin-top: 0; margin-bottom: 5pt">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #5F6062">The
</FONT><FONT STYLE="color: #00B0F0"><B>availability</B></FONT> <FONT STYLE="color: #5F6062">of Pampa&rsquo;s operated units reached 93.0%
in Q1 23 (-484 basis points vs. Q1 22&rsquo;s 97.9%), mainly due to thermal outages mentioned above, the programmed maintenance in CTGEBA
and CTLL&rsquo;s CCGT, as well as the commissioning of tests run at CTEB&rsquo;s CCGT. Therefore, a 91.0% thermal availability rate was
registered in Q1 23 (-624 basis points vs. 97.2% from Q1 22).</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: left">Power generation's <BR>
key performance indicators&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">2023</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">2022</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; font-style: italic; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Hydro</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Wind</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Thermal</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Hydro</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Wind</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Thermal</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; text-align: center">Hydro</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; text-align: center">Wind</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; text-align: center">Thermal</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; font-style: italic; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left; width: 25%">Installed capacity (MW)</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">938</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">342</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">4,097</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 6%">5,378</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">938</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">206</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">3,826</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 6%">4,970</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 6%">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 6%">+66%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 6%">+7%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; width: 6%">+8%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">New capacity (%)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">100%</TD>
    <TD STYLE="color: #5F6062; text-align: center">33%</TD>
    <TD STYLE="font-weight: bold; text-align: center">31%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">100%</TD>
    <TD STYLE="color: #5F6062; text-align: center">43%</TD>
    <TD STYLE="font-weight: bold; text-align: center">37%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-10%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Market share (%)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.2%</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.8%</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.5%</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.4%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.2%</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.5%</TD>
    <TD STYLE="color: #5F6062; text-align: center">8.9%</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.6%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-0%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+0%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+1%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">First quarter</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Net generation (GWh)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">447</TD>
    <TD STYLE="color: #5F6062; text-align: center">292</TD>
    <TD STYLE="color: #5F6062; text-align: center">5,021</TD>
    <TD STYLE="font-weight: bold; text-align: center">5,760</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">372</TD>
    <TD STYLE="color: #5F6062; text-align: center">227</TD>
    <TD STYLE="color: #5F6062; text-align: center">4,293</TD>
    <TD STYLE="font-weight: bold; text-align: center">4,892</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+20%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+28%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+17%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+18%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Volume sold (GWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">448</TD>
    <TD STYLE="color: #5F6062; text-align: center">292</TD>
    <TD STYLE="color: #5F6062; text-align: center">5,299</TD>
    <TD STYLE="font-weight: bold; text-align: center">6,038</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">372</TD>
    <TD STYLE="color: #5F6062; text-align: center">235</TD>
    <TD STYLE="color: #5F6062; text-align: center">4,603</TD>
    <TD STYLE="font-weight: bold; text-align: center">5,210</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+20%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+24%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+15%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+16%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Average price (US$/MWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">20</TD>
    <TD STYLE="color: #5F6062; text-align: center">73</TD>
    <TD STYLE="color: #5F6062; text-align: center">31</TD>
    <TD STYLE="font-weight: bold; text-align: center">32</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">24</TD>
    <TD STYLE="color: #5F6062; text-align: center">69</TD>
    <TD STYLE="color: #5F6062; text-align: center">42</TD>
    <TD STYLE="font-weight: bold; text-align: center">42</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-18%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+5%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-27%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-24%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Average gross margin (US$/MWh)</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">8</TD>
    <TD STYLE="color: #5F6062; text-align: center">64</TD>
    <TD STYLE="color: #5F6062; text-align: center">20</TD>
    <TD STYLE="font-weight: bold; text-align: center">21</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">11</TD>
    <TD STYLE="color: #5F6062; text-align: center">57</TD>
    <TD STYLE="color: #5F6062; text-align: center">29</TD>
    <TD STYLE="font-weight: bold; text-align: center">29</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-30%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+11%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-32%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-28%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

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

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 10pt 0 12pt; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #5F6062">Without
depreciation and amortizations, net </FONT><FONT STYLE="color: #00B0F0"><B>operating costs</B></FONT> <FONT STYLE="color: #5F6062">decreased
6% vs. Q1 22 and 11% vs. Q4 22, mainly due to increased delays in collections from CAMMESA, leading to accruing higher commercial interests,
and lower gas and power purchases, partially offset by wage increases that outpaced the AR$ devaluation, the provision for the end of
Mendoza hydro&rsquo;s concession in 2024, and higher consumption of spare materials from PEA, PEMC, and the thermal outages mentioned
before.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Financial
results</B></FONT> <FONT STYLE="color: #5F6062">from Q1 23 reached a net profit of US$9 million, while a net loss of US$3 million was
recorded in Q1 22, mainly due to gains from the holding of financial instruments, partially offset by higher foreign exchange losses on
receivables and increased financial interests due to higher stock of AR$-debt and the consolidation of PEMC.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Adjusted
EBITDA</B></FONT> <FONT STYLE="color: #5F6062">from the power generation segment reached US$108 million in Q1 23 (-11% vs. Q1 22), mainly
due to CTEB&rsquo;s GT PPA maturity, out-of-service in certain thermal units and a rise of labor costs in US$, partially offset by the
incorporation of PEA and PEMC, the commissioning of CTEB&rsquo;s CCGT in February 2023, and a rise in legacy energy prices. In addition,
adjusted EBITDA considers CTEB (CTBSA)&rsquo;s 50% ownership (US$7 million in Q1 23 vs. US$21 million in Q1 22) and PEMC (Greenwind)&rsquo;s
50% share capital for US$3 million in Q1 22<SUP>[10]</SUP>. Adjusted EBITDA excludes items such as the commercial interests for delayed
collections, mainly charged to CAMMESA, contingency provision for the concession&rsquo;s termination at Mendoza hydros and accrual of
PPE&rsquo;s expenses as operating costs.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #5F6062">Finally,
without CTEB,</FONT> <FONT STYLE="color: #00B0F0"><B>capital investments</B></FONT> <FONT STYLE="color: #5F6062">registered US$93 million
in Q1 23 (vs. US$10 million in Q1 22), mainly explained by the PEPE VI project to add a 140 MW wind farm by 2024. The following table
shows the expansion projects in power generation:</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: left">Project</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">MW</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Marketing</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Currency</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Awarded price</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Estimated capex in <BR>
US$ million<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 700; color: white"><SUP>1</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Date of <BR>
commissioning</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Capacity per<BR>
MW-month</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Variable<BR>
per MWh</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Total <BR>
per MWh</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Budget</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">% Executed <BR>
@3/31/23</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; text-align: left; width: 18%">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; width: 5%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 13%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 9%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 10%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 9%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 9%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0">Closing to CC</P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0">Ensenada<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 700; color: #00B0F0"><SUP>2</SUP></FONT></P></TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">281</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">PPA for 10 years</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">US$</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">23,962</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">10.5</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">43</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">253</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">98%</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; text-align: center">22-Feb-23</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; text-align: left">Renewable</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Pampa Energ&iacute;a IV<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">45</TD>
    <TD STYLE="color: #5F6062; text-align: center">MAT ER</TD>
    <TD STYLE="color: #5F6062; text-align: center">US$</TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; text-align: center">58<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">128</TD>
    <TD STYLE="color: #5F6062; text-align: center">89%</TD>
    <TD STYLE="color: #5F6062; text-align: center">Q2 2023 (est.)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: left">Pampa Energ&iacute;a VI</TD>
    <TD STYLE="border-bottom: #5F6062 1.5pt solid; color: #5F6062; text-align: center">139.5</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">MAT ER</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">US$</TD>
    <TD STYLE="border-bottom: #5F6062 1.5pt solid; color: #5F6062; text-align: center">na</TD>
    <TD STYLE="border-bottom: #5F6062 1.5pt solid; color: #5F6062; text-align: center">na</TD>
    <TD STYLE="border-bottom: #5F6062 1.5pt solid; color: #5F6062; text-align: center">62<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #5F6062 1.5pt solid; color: #5F6062; text-align: center">265</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">0%</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">Q4 2024 (est.)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6.5pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify; color: #5F6062"><B>Note: 1 </B>Without value-added
tax. <B>2 </B>Capacity increased from 272 MW to 281 MW on April 26, 2023. <B>3 </B>Total 81 MW: 18 MW commissioned on December 29, 2022,
and 18 MW on February 25, 2023. Besides, 9 MW commissioned on April 4, 2023<B>. 4 </B>Estimated average.</P>

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

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify; color: #5F6062">&nbsp;<BR STYLE="clear: both"> </P>


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

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[10]</SUP> As of August
12, 2022, PEMC is consolidated into Pampa&rsquo;s financial statements.</P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> <P STYLE="text-align: center; color: #5F6062; font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt"><IMG SRC="image_003.jpg" ALT=""></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; text-align: center; color: #5F6062; margin-top: 0; margin-bottom: 5pt">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Oil &amp; gas segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2023</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2022</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 65%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">154</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">137</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 12%">+12%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Local market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">104</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">82</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+27%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">50</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">55</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-9%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(92)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(71)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+30%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">66</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(15)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-20%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(18)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+29%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-58%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+10%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(38)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(24)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+58%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(33)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(35)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">-6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Loss before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-83%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net loss for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">(1)</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">(4)</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">-75%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">62</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">56</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+10%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE and right-of-use assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">88</TD>
    <TD STYLE="color: #5F6062; text-align: right">63</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+40%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+19%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #5F6062">In
Q1 23, </FONT><FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">from the oil and gas segment grew 12% vs.
Q1 22, mainly due to the high gas export prices to Chile and gas prices for industries, in addition to an increased domestic oil demand,
partially offset by lower volume of gas sold to Chile and industries due to the growing commitments under Plan Gas.Ar.</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: left">Oil and gas'<BR>
key performance indicators&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">2023</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">2022</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 0.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Oil</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Oil</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Oil</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; width: 34%">First quarter</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Volume</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Production</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">8,903</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">8,913</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+2%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">-0%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">+0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">314</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">315</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">5.2</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.4</TD>
    <TD STYLE="font-weight: bold; text-align: right">57.6</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">5.1</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.5</TD>
    <TD STYLE="font-weight: bold; text-align: right">57.5</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Sales</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.9</TD>
    <TD STYLE="color: #5F6062; text-align: right">8,968</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">8,979</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+14%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">-0%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">+1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">317</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">317</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">6.0</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.8</TD>
    <TD STYLE="font-weight: bold; text-align: right">58.8</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">5.2</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.8</TD>
    <TD STYLE="font-weight: bold; text-align: right">58.1</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Average Price</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In US$/bbl</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">67.7</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">69.0</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">-2%</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">+11%</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In US$/MBTU</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.0</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.5</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(223,223,223); color: #5F6062; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>operating</B></FONT> <FONT STYLE="color: #5F6062">terms, total production reached 57.6 kboe/day
in Q1 23 (similar to Q1 22 but -7% vs. Q4 22). </FONT><FONT STYLE="color: #00B0F0"><B>Gas production</B></FONT> <FONT STYLE="color: #5F6062">reached
8.9 million m<SUP>3</SUP>/day (similar to Q1 22 but -6% vs. Q4 22), explained by commercial reasons: lesser retail demand vs. commitment
under Plan Gas.Ar, lower exports to Chile due to limited permits and soft deliveries to industries due to pipeline bottlenecks. Analyzing
by block, El Mangrullo curtailed its production in response to the weak demand and recorded 5.7 million m<SUP>3</SUP>/day (-6% vs. Q1
22 and -16% vs. Q4 22), comprising 65% of our total gas output. Rinc&oacute;n del Mangrullo continues the lower activity and natural depletion
(0.3 million m<SUP>3</SUP>/day, -33% vs. Q1 22 and -15% vs. Q4 22). Instead, due to shale activity, Sierra Chata reached 1.2 million m<SUP>3</SUP>/day
(+69% vs. Q1 22 and +113% vs. Q4 22). R&iacute;o Neuqu&eacute;n remained at 1.5 million m<SUP>3</SUP>/day production.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Our
</FONT><FONT STYLE="color: #00B0F0"><B>gas price</B></FONT> <FONT STYLE="color: #5F6062">in Q1 23 was US$4.0/MBTU (+11% vs. Q1 22 and
similar to Q4 22), mainly driven by better export prices that are higher than the local market and, to a lower extent, a slight increase
in the industrial segment.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q1 23, our </FONT><FONT STYLE="color: #00B0F0"><B>gas deliveries</B></FONT> <FONT STYLE="color: #5F6062">were allocated as follows: 27%
to CAMMESA, 27% procured to our thermal power units<SUP>[11]</SUP> and petchem plants, 21% to the industrial/spot market, 15% was exported,
and 11% to the retail segment. On the other hand, in Q1 22, 30% of our gas deliveries were sold to the industrial/spot market, 30% exported,
28% was fired at our thermal and petrochemicals plants, 12% supplied the retail, and the rest was sold directly to CAMMESA.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Oil
production </B></FONT><FONT STYLE="color: #5F6062">reached 5.2 kbbl/day in Q1 23 (similar to Q1 22 but -10% vs. Q4 22 due to stock consumption)
due to higher output at Los Blancos, Gobernador Ayala and R&iacute;o Neuqu&eacute;n (+0.5 kbbl/day vs. Q1 22), partially offset by a drop
of 0.3 kbbl/day at El Tordillo. Moreover, considering Q4 22 0.8 kbbl/day stock sold in Q1 23, 80% of the volume sold was destined for
the local market in Q1 23 vs. 76% in Q1 22.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Our
</FONT><FONT STYLE="color: #00B0F0"><B>oil price</B></FONT> <FONT STYLE="color: #5F6062">in Q1 23 was similar to Q1 22, reaching US$67.7/barrel,
mainly explained by the lower export prices offset by higher local demand.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">By
the end of Q1 23, we accounted for 812 </FONT><FONT STYLE="color: #00B0F0"><B>productive wells</B></FONT> <FONT STYLE="color: #5F6062">vs.
895 as of the end of 2022.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Net
</FONT><FONT STYLE="color: #00B0F0"><B>operating costs</B></FONT> <FONT STYLE="color: #5F6062">in Q1 23, excluding depreciation, amortization
and Plan Gas.Ar compensation grew 9% vs. Q1 22, mainly due to increased labor expenses in US$ terms, activity (treatment and maintenance),
royalties, levies and taxes (linked to higher sales), in addition to oil stock consumption, partially offset by lower transportation cost
related with lesser exported gas and, to a lower extent, higher days of sales outstanding from CAMMESA. As a result, the lifting cost
reached US$7.1/boe produced in Q1 23 (+23% vs. Q1 22 and similar to Q4 22).</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Financial
results</B></FONT> <FONT STYLE="color: #5F6062">in Q1 23 recorded a net loss of US$33 million, an improvement of 6% vs. Q1 22, mainly
because of the gains from holding financial securities, partially offset by the increased interests from the higher stock of AR$-debt
and losses from devaluation over receivables.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Our
oil and gas </FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">amounted to US$62 million in
Q1 23 (+10% vs. Q1 22), mainly explained by higher gas export prices and domestic oil demand, partially offset by lower gas retail deliveries
vs. commitments under Plan Gas.Ar, lower volumes of gas exported and sold to industries due to pipeline bottlenecks, higher labor costs,
and growing activity. In addition, the adjusted EBITDA of Q1 23 excludes commercial interests for late collection, mainly charged to CAMMESA.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Finally,
in Q1 23, </FONT><FONT STYLE="color: #00B0F0"><B>capital expenditures</B></FONT> <FONT STYLE="color: #5F6062">amounted to US$88 million
(+40% vs. Q1 22), mainly driven by the shale gas wells drilling and completion campaign to comply with the growing commitments under Plan
Gas.Ar.</FONT></P>



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

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[11]</SUP> Energ&iacute;a
Plus and SEE Res. No. 287/17.</P>

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    <!-- Field: /Page -->

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Petrochemicals segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2023</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2022</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 65%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">125</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">126</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 12%">-1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Local market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">89</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">85</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">36</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">41</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-12%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(114)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(116)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+10%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+20%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(1)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">5</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">5</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">7</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">6</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+16%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #5F6062">The
petrochemicals segment&rsquo;s </FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">reached
US$7 million in Q1 23 (+16% vs. Q1 22), mainly explained by the rise in styrene and polystyrene sales and lower cost of propane, offset
by a drop in SBR and polystyrene exports, and increased labor costs. On the other hand, the adjusted EBITDA fell US$8 million quarter-on-quarter,
mainly due to a drop in reforming sales due to lower raw gasoline availability and lower margin on gasoline exports.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Total
</FONT><FONT STYLE="color: #00B0F0"><B>volume</B></FONT> <FONT STYLE="color: #5F6062">sold grew 13% vs. Q1 22 to 103 thousand ton, mainly
explained by higher reforming products. In Q1 22, 14 thousand ton of bases and gasoline were dispatched as toll processing, not volume
sold. Moreover, styrene sales recovered after reduced production in January 2022. However, these effects were partially offset by lower
SBR foreign demand.</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: left">Petrochemicals'<BR>
key performance indicators&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">Products</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">Styrene &amp; polystyrene<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">SBR</TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">Reforming &amp; others</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; width: 37%">First quarter</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Volume sold Q1 23 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">29</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">9</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">66</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">103</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Volume sold Q1 22 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">27</TD>
    <TD STYLE="color: #4F5150; text-align: center">11</TD>
    <TD STYLE="color: #4F5150; text-align: center">53</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">91</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q1 23 vs. Q1 22</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+4%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-20%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+24%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">+13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Average price Q1 23 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,857</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,938</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">846</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">1,219</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Average price Q1 22 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,910</TD>
    <TD STYLE="color: #4F5150; text-align: center">2,047</TD>
    <TD STYLE="color: #4F5150; text-align: center">977</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">1,385</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q1 23 vs. Q1 22</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-5%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-13%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">-12%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 5.75pt 3pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><B></B></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 5.75pt 0 0; text-align: justify; color: #5F6062"><B>Note: 1 </B>Includes
Propylene.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><FONT STYLE="color: #5F6062">In
Q1 23, </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">reached a net loss of US$1 million,
while in Q1 22, no financial results were recorded, explained by higher losses from holding financial securities.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Capital
expenditures</B></FONT> <FONT STYLE="color: #5F6062">reached US$2 million in Q1 23, while in Q1 22, no capital expenditures were recorded.</FONT></P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> <P STYLE="text-align: center; color: #5F6062; font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt"><IMG SRC="image_003.jpg" ALT=""></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; text-align: center; color: #5F6062; margin-top: 0; margin-bottom: 5pt">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Holding and others segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2023</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2022</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 65%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">4</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">7</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 12%">-43%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Local market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-43%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-43%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(9)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+50%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Recovery from impairment of intangible assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Results for participation in joint businesses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">13</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+250%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-33%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">45</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">33</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">41</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">1</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">29</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">41</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-29%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE and intangible assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
holding and others segment, without considering the affiliates&rsquo; equity income (Transener and TGS), posted an US$8 million </FONT><FONT STYLE="color: #00B0F0"><B>operating
loss</B></FONT><FONT STYLE="color: #5F6062">, while in Q1 22, it was a US$1 million loss, mainly explained by lower accrued fees, higher
labor costs and provision of contingencies, partially offset by lower third-party expenses.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q1 23, </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">reached a net gain of US$33 million,
while in Q1 22, no financial results had been recorded, mainly due to FX difference gains over tax debt, partially offset by higher tax
interests.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
</FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">of our holding and others segment decreased
by 29%, recording US$29 million in Q1 23. The adjusted EBITDA excludes the equity income from our participation in TGS and Transener.
In turn, it adds the EBITDA adjusted by equity ownership in these businesses. Besides, it excludes the impairment of intangible assets
in Q1 23.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>TGS</B></FONT><FONT STYLE="color: #5F6062">, the EBITDA adjusted by our stake was US$28 million
in Q1 23 vs. US$40 million in Q1 22. The decline was mainly due to lower international NGL prices and regulated income, whose tariff
was increased after Q1 23<SUP>[12]</SUP>, in addition to the higher labor expenses and an increase in the cost of gas in US$ used for
thermal reduction replacement at Cerri (offset by lower consumption). However, these effects were partially offset by increased ethane
price and higher midstream revenues due to growing activity at Vaca Muerta.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>Transener</B></FONT><FONT STYLE="color: #5F6062">, the EBITDA adjusted by our stake recorded US$10
million in Q1 23 vs. US$2 million in Q1 22, mainly due to the tariff increase as of January 1, 2023 (155% Transener and 154% Transba).<BR STYLE="clear: both">
</FONT></P>


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

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>[12]</SUP> For further information, see &lsquo;Tariff situation in TGS&hellip;&rsquo; of the section 1.3 of this Earnings release.</P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 8.5pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: left">Subsidiary<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white">In US$ million</FONT></TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Q1 23</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Q1 22</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net debt<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net income (loss)<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net debt<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net income (loss)<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; width: 35%">Power generation segment</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Diamante</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; text-align: right">(6)</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Los Nihuiles</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">(4)</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">VAR<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>4</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Greenwind<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-weight: 700; color: #5F6062"><I><SUP>5</SUP></I></FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">56</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">69</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(3)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(35)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(0)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal Greenwind adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; text-align: right">56</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">35</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">CTBSA</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">13</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">297</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">43</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">188</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">43</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(7)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(148)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(2)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(21)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(94)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(22)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal CTBSA adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">148</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; text-align: right">94</TD>
    <TD STYLE="color: #5F6062; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa stand-alone, other companies, adjs. &amp; deletions<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right"></TD>
    <TD STYLE="color: #5F6062; text-align: right">92</TD>
    <TD STYLE="color: #5F6062; text-align: right">20</TD>
    <TD STYLE="color: #5F6062; text-align: right">88</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right"></TD>
    <TD STYLE="color: #5F6062; text-align: right">95</TD>
    <TD STYLE="color: #5F6062; text-align: right">158</TD>
    <TD STYLE="color: #5F6062; text-align: right">72</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal power generation</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">108</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">225</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">96</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">121</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">277</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">97</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Oil &amp; gas segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">62</TD>
    <TD STYLE="color: #5F6062; text-align: right">827</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">56</TD>
    <TD STYLE="color: #5F6062; text-align: right">802</TD>
    <TD STYLE="color: #5F6062; text-align: right">(4)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal oil &amp; gas</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">62</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">827</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">56</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">802</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(4)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Petrochemicals segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal petrochemicals</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Holding &amp; others segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Transener</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">38</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(3)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">9</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(14)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(28)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(15)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(7)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal Transener adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; text-align: right">(4)</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">TGS</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">95</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">84</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">27</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">137</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">235</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">74</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(67)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(59)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(19)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(97)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(166)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(145)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Subtotal TGS adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">29.1%</TD>
    <TD STYLE="color: #5F6062; text-align: right">28</TD>
    <TD STYLE="color: #5F6062; text-align: right">24</TD>
    <TD STYLE="color: #5F6062; text-align: right">8</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">29.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">40</TD>
    <TD STYLE="color: #5F6062; text-align: right">69</TD>
    <TD STYLE="color: #5F6062; text-align: right">(71)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Pampa stand-alone, other companies, adjs. &amp; deletions<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right"></TD>
    <TD STYLE="color: #5F6062; text-align: right">(8)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">28</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right"></TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(106)</TD>
    <TD STYLE="color: #5F6062; text-align: right">72</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal holding &amp; others</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">29</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">23</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">41</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">41</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(41)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">Deletions</TD>
    <TD STYLE="color: white; text-align: left"></TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(172)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left"></TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(194)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-right: white 1.5pt solid">Total consolidated</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; text-align: left; border-left-color: white; border-left-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">206</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">903</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">141</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">225</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">845</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">99</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; border-right: white 1.5pt solid; border-bottom: #5F6062 1pt solid; text-align: left">At our share ownership</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">201</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1,075</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">141</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">224</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1,039</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">99</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Trebuchet MS, Times, Serif; color: #2172AE; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt; color: #0081C6"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062"><FONT STYLE="vertical-align: baseline"><B>N</B></FONT><B>ote</B>:
<FONT STYLE="vertical-align: baseline"><B>1</B></FONT> The deletion corresponds to other companies, inter-companies or debt repurchases.
<B>2</B> Net debt includes holding companies.<BR>
<B>3</B> Attributable to the Company&rsquo;s shareholders. <B>4 </B>Acquired on December 16, 2022. <B>5</B> Consolidated in Pampa&rsquo;s
FS since August 12, 2022.</P>

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


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> <P STYLE="text-align: center; color: #5F6062; font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt"><IMG SRC="image_003.jpg" ALT=""></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; text-align: center; color: #5F6062; margin-top: 0; margin-bottom: 5pt">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_019"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">4.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Appendix</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 6pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="a_020"></A>4.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Power generation&rsquo;s
main operational KPIs</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: left">Power generation's<BR>
key performance indicators&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">Hydroelectric</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">Wind</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: center">Subtotal<BR>
hydro<BR>
+wind</TD>
    <TD COLSPAN="10" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">HINISA</TD>
    <TD STYLE="color: white; text-align: center">HIDISA</TD>
    <TD STYLE="color: white; text-align: center">HPPL</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">PEMC<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: center">PEPE2</TD>
    <TD STYLE="color: white; text-align: center">PEPE<BR>
3-4<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: center">PEA<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">CTLL</TD>
    <TD STYLE="color: white; text-align: center">CTG</TD>
    <TD STYLE="color: white; text-align: center">CTP</TD>
    <TD STYLE="color: white; text-align: center">CPB</TD>
    <TD STYLE="color: white; text-align: center">CTPP</TD>
    <TD STYLE="color: white; text-align: center">CTIW</TD>
    <TD STYLE="color: white; text-align: center">CTGEBA</TD>
    <TD STYLE="color: white; text-align: center">Eco-<BR>
Energ&iacute;a</TD>
    <TD STYLE="color: white; text-align: center">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>4</SUP></FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">Subtotal<BR>
thermal</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #4F5150; width: 18%">Installed capacity (MW)</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">265</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">388</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">285</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">100</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">53</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">89</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">100</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center; width: 5%">1,280</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">780</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">361</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">30</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">620</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">100</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">100</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">1,253</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">14</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">839</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center; width: 5%">4,097</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 4%">5,378</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 10pt; color: #4F5150; font-style: italic; text-align: left">New capacity (MW)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">53</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">89</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center">342</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">184</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">565</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">14</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">272</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center">1,336</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">1,678</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #4F5150">Market share</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.6%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.9%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.7%</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">3.0%</TD>
    <TD STYLE="color: #4F5150; text-align: center">1.8%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.8%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; text-align: center">1.4%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">2.9%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.03%</TD>
    <TD STYLE="color: #4F5150; text-align: center">1.9%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">9.5%</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="text-align: left; color: white; font-weight: bold">First quarter</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #4F5150; font-weight: bold">Net generation Q1 23 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">176</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">97</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">175</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">83</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">49</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">79</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">80</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">739</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,282</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">38</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">23</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">482</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">108</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">109</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">2,177</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">19</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">783</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">5,021</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">5,760</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #4F5150; font-weight: bold">Market share</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.5%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.5%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.21%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1.9%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">3.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">5.7%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.0%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">2.0%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">13.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">15.0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #4F5150; font-weight: bold">Sales Q1 23 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">176</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">97</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">175</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">83</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">49</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">79</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">80</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">740</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,282</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">154</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">23</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">482</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">108</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">109</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">2,322</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">37</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">783</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">5,299</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">6,038</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #4F5150">Net generation Q1 22 (GWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">117</TD>
    <TD STYLE="color: #4F5150; text-align: center">81</TD>
    <TD STYLE="color: #4F5150; text-align: center">174</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">101</TD>
    <TD STYLE="color: #4F5150; text-align: center">62</TD>
    <TD STYLE="color: #4F5150; text-align: center">64</TD>
    <TD STYLE="color: #4F5150; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">599</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,266</TD>
    <TD STYLE="color: #4F5150; text-align: center">166</TD>
    <TD STYLE="color: #4F5150; text-align: center">20</TD>
    <TD STYLE="color: #4F5150; text-align: center">295</TD>
    <TD STYLE="color: #4F5150; text-align: center">81</TD>
    <TD STYLE="color: #4F5150; text-align: center">68</TD>
    <TD STYLE="color: #4F5150; text-align: center">2,118</TD>
    <TD STYLE="color: #4F5150; text-align: center">18</TD>
    <TD STYLE="color: #4F5150; text-align: center">260</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">4,293</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">4,892</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 10pt; color: #4F5150; font-style: italic; text-align: left">Variation Q1 23 vs. Q1 22</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+50%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+20%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+1%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-18%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-21%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+24%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center">+23%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+1%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-77%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+15%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+64%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+33%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+60%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center">+17%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+18%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #4F5150">Sales Q1 22 (GWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">117</TD>
    <TD STYLE="color: #4F5150; text-align: center">81</TD>
    <TD STYLE="color: #4F5150; text-align: center">174</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">101</TD>
    <TD STYLE="color: #4F5150; text-align: center">70</TD>
    <TD STYLE="color: #4F5150; text-align: center">64</TD>
    <TD STYLE="color: #4F5150; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">607</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,266</TD>
    <TD STYLE="color: #4F5150; text-align: center">225</TD>
    <TD STYLE="color: #4F5150; text-align: center">20</TD>
    <TD STYLE="color: #4F5150; text-align: center">295</TD>
    <TD STYLE="color: #4F5150; text-align: center">81</TD>
    <TD STYLE="color: #4F5150; text-align: center">68</TD>
    <TD STYLE="color: #4F5150; text-align: center">2,347</TD>
    <TD STYLE="color: #4F5150; text-align: center">40</TD>
    <TD STYLE="color: #4F5150; text-align: center">260</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">4,603</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">5,210</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #4F5150; font-weight: bold">Avg. price Q1 23 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">16</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">34</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">16</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">70</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">79</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">66</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">79</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">41</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">20</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">75</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">25</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">20</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">92</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">72</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">33</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">37</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">25</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">31</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">32</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #4F5150">Avg. price Q1 22 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">23</TD>
    <TD STYLE="color: #4F5150; text-align: center">40</TD>
    <TD STYLE="color: #4F5150; text-align: center">18</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">69</TD>
    <TD STYLE="color: #4F5150; text-align: center">72</TD>
    <TD STYLE="color: #4F5150; text-align: center">68</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">42</TD>
    <TD STYLE="color: #4F5150; text-align: center">21</TD>
    <TD STYLE="color: #4F5150; text-align: center">42</TD>
    <TD STYLE="color: #4F5150; text-align: center">32</TD>
    <TD STYLE="color: #4F5150; text-align: center">34</TD>
    <TD STYLE="color: #4F5150; text-align: center">116</TD>
    <TD STYLE="color: #4F5150; text-align: center">108</TD>
    <TD STYLE="color: #4F5150; text-align: center">35</TD>
    <TD STYLE="color: #4F5150; text-align: center">38</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">42</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">42</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="text-align: center; color: #4F5150; font-weight: bold">Avg. gross margin Q1 23 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">7</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">11</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">7</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">60</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">64</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">62</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">68</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">30</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">17</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">33</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">7</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">8</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">72</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">54</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">20</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">14</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">16</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">20</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">21</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #4F5150">Avg. gross margin Q1 22 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">5</TD>
    <TD STYLE="color: #4F5150; text-align: center">24</TD>
    <TD STYLE="color: #4F5150; text-align: center">9</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">59</TD>
    <TD STYLE="color: #4F5150; text-align: center">54</TD>
    <TD STYLE="color: #4F5150; text-align: center">58</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">29</TD>
    <TD STYLE="color: #4F5150; text-align: center">16</TD>
    <TD STYLE="color: #4F5150; text-align: center">20</TD>
    <TD STYLE="color: #4F5150; text-align: center">14</TD>
    <TD STYLE="color: #4F5150; text-align: center">16</TD>
    <TD STYLE="color: #4F5150; text-align: center">93</TD>
    <TD STYLE="color: #4F5150; text-align: center">80</TD>
    <TD STYLE="color: #4F5150; text-align: center">20</TD>
    <TD STYLE="color: #4F5150; text-align: center">16</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">29</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">29</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 4.55pt 0 0; text-align: justify; color: #5F6062"><B>Note: </B>Gross margin
before amortization and depreciation <B>1</B> Fully owned by Pampa since August 12, 2022. Before, it was operated by Pampa with a 50%
of equity stake. <B>2</B> PEPE IV: 18 MW commissioned on December 29, 2022, 18 MW on February 25, 2023, and 9 MW on April 4, 2023. <B>3
</B>Acquired on December 16, 2022. <B>4 </B>Operated by Pampa (50% equity stake). 272 MW ST commissioned on February 22, 2023, increased
to 281 MW from April 26, 2023.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> <P STYLE="text-align: center; color: #5F6062; font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5pt"><IMG SRC="image_003.jpg" ALT=""></P><P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; text-align: center; color: #5F6062; margin-top: 0; margin-bottom: 5pt">&nbsp;</P></TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><A NAME="a_021"></A><B>4.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Oil and gas production in
the main areas</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: left">In kboe/day at ownership</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">2023</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">2022</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; width: 54%">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 15%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 15%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; width: 15%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">El Mangrullo</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">33.8</TD>
    <TD STYLE="color: #5F6062; text-align: center">36.2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">R&iacute;o Neuqu&eacute;n</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">8.7</TD>
    <TD STYLE="color: #5F6062; text-align: center">8.6</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Sierra Chata</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">7.1</TD>
    <TD STYLE="color: #5F6062; text-align: center">4.2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+69%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Rinc&oacute;n del Mangrullo<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.5</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.3</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-33%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Others</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.2</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Total gas at O/S</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">52.4</TD>
    <TD STYLE="font-weight: bold; text-align: center">52.5</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">Oil</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">El Tordillo<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.4</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.7</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Gobernador Ayala</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.2</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.0</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+14%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Associated oil<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.0</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.9</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+8%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Others</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.6</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.4</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+52%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Total oil at O/S</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">5.2</TD>
    <TD STYLE="font-weight: bold; text-align: center">5.1</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">Total</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">57.6</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">57.5</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid; text-align: center">+0%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 14pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0 185.85pt 3pt 0; text-align: justify; color: #5F6062"><FONT STYLE="vertical-align: baseline"><B>N</B></FONT><B>ote</B>:
Production in Argentina. <B>1</B> It does not include shale formation.<BR>
<B>2</B> It includes La Tapera &ndash; Puesto Quiroga block. <B>3</B> From gas fields.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS, Times, Serif; margin-top: 24pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A NAME="a_022"></A><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Glossary of terms</FONT></TD></TR></TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>F</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">S</FONT></TD>
    <TD STYLE="width: 74%; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Financial Statements</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">FV</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Face value </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">FX</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Nominal exchange rate</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>G</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">reenwind</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Greenwind S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">GT</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Gas turbine</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">GWh</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Gigawatt-hour</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>H</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">IDISA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Diamante Hydro Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">HINISA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Los Nihuiles Hydro Power Plant </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">HPPL</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pichi Pic&uacute;n Leuf&uacute; Hydro Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0070C0"><B>I</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">FRS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">International Financial Reporting Standards</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>K</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">bbl/kboe</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Thousands of barrels/thousands of barrels of oil equivalent</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>M</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Cubic meters</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">MAT ER</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Term Market from Renewable Energy Sources</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">MBTU</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Million British Thermal Units</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">MW/MWh</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Megawatt/Megawatt-hour</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>N</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">.a.</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">NGL</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Natural gas liquids</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>P</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">ampa / The Company</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pampa Energ&iacute;a S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pampa Group</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pampa Energ&iacute;a S.A. and its subsidiaries</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PEA</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Arauco Wind Farm, stage 1 and 2</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PEMC</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Ingeniero Mario Cebreiro Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PEN</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Poder Ejecutivo Nacional </I>(National Executive Branch)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PEPE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pampa Energ&iacute;a Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Plan Gas.Ar</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Re-assurance and Strengthening of the Federal Hydrocarbon Production through Self-Supply, Exports, Replacement of Imports and the Expansion of the Transportation System to All the Country&rsquo;s Hydrocarbon Basins 2023 &ndash; 2028 Plan (Executive Order No. 730/22) and the Argentine Natural Gas Production Promotion Plan &ndash; 2020 &ndash; 2024 Supply and Demand Scheme (Emergency Executive Order No. 892/20 and supplementary provisions)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PPA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Power Purchase Agreement</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PPE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Property, Plant and Equipment</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>Q</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">1 23/Q1 22</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">First quarter of 2023/First quarter of 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Q4 22</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Fourth quarter of 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>R</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">es.</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Resolution/Resolutions</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>S</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">E</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Secretariat of Energy</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">SEE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Under Secretariat of Electric Energy (former Secretariat of Electric Energy)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">ST</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Steam turbine</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>T</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">GS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Transportadora de Gas del Sur S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Ton</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Metric ton</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Transba</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid">
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062">Empresa de Transporte de Energ&iacute;a El&eacute;ctrica
    por Distribuci&oacute;n Troncal de la Provincia de Buenos Aires</P>
    <P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062">Transba S.A.</P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Transener</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Compa&ntilde;&iacute;a de Transporte de Energ&iacute;a El&eacute;ctrica en Alta Tensi&oacute;n Transener S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>U</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">S$</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">U.S. Dollars</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 2.25pt solid; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>Y</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PF</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Yacimientos Petrol&iacute;feros Fiscales S.A.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #2172AE; font: bold 10pt Trebuchet MS, Times, Serif; margin: 12pt 0 0.25in; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0"  STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></FONT></TD></TR></TABLE>
<P STYLE="font: bold 10pt Trebuchet MS, Times, Serif; color: #2172AE; margin: 12pt 0 0.25in; text-align: left"></P>







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