<SEC-DOCUMENT>0001292814-23-003484.txt : 20230809
<SEC-HEADER>0001292814-23-003484.hdr.sgml : 20230809
<ACCEPTANCE-DATETIME>20230809165422
ACCESSION NUMBER:		0001292814-23-003484
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20230630
FILED AS OF DATE:		20230809
DATE AS OF CHANGE:		20230809

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:		231156007

	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>pampr2q23_6k.htm
<DESCRIPTION>6-K
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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;August,
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 Q2 23</A></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;August 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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<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
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<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 6pt; text-align: center"><IMG SRC="pampr2q236k_001.jpg" ALT="">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
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    <TD STYLE="border: rgb(0,111,192) 1pt solid; padding: 10pt">
    <P STYLE="font: 9pt Verdana,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 six-month period and quarter ended on June 30, 2023.</P></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Verdana,sans-serif; text-align: right; margin: 9pt 0pt; color: #5F6062">Buenos Aires, August 9, 2023</P>
<P STYLE="color: #5F5F61; font: 9pt Verdana,sans-serif; margin: 6pt 0 12pt; text-align: justify"></P>



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<P STYLE="font: bold 9pt Verdana,sans-serif; margin: 0 0 3pt 5.65pt; color: #0070C0">Stock information</P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; margin-left: 0%; text-indent: 3%; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 6pt; text-align: center"><IMG SRC="pampr2q236k_002.jpg" ALT="" STYLE="height: 111px; width: 200px"></P>

<P STYLE="font: bold 8pt Verdana,sans-serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Share capital net of repurchases and reductions<BR>
as of August 8, 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,sans-serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Market capitalization <FONT STYLE="font-weight: normal"><BR>
AR$1,336.7 million/<BR>
US$2,245 million</FONT></P>

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

<P STYLE="font: bold 8pt Verdana,sans-serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Date and time: <FONT STYLE="font-weight: normal">Thursday
Aug-10<BR>
10 AM Eastern Standard Time<BR>
11 AM Buenos Aires Time</FONT></P>

<P STYLE="font: bold 8pt Verdana,sans-serif; margin: 6pt 0 0 5.65pt"><FONT STYLE="color: #5F6062">Access link:</FONT> <FONT STYLE="font-weight: normal; color: #00B0F0">bit.ly/Pampa2Q2023VC</FONT></P>

<P STYLE="font: bold 9pt Verdana,sans-serif; margin: 12pt 0 0 5.65pt; color: #0070C0">For further information about Pampa</P>

<P STYLE="font: 7pt Trebuchet MS,sans-serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0%; text-indent: 3%; text-align: justify"><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><FONT STYLE="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"><BR>
</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: 6pt; margin-left: 0%; text-indent: 3%; text-align: justify"><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><FONT STYLE="font-family: Verdana,sans-serif; color: #5F6062"><BR>
</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: 6pt; margin-left: 0%; text-indent: 3%; text-align: justify"><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><FONT STYLE="font-family: Verdana,sans-serif; color: #5F6062"><BR>
</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: 6pt; margin-left: 0%; text-indent: 3%; text-align: justify"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;
</FONT><FONT STYLE="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062">Securities and</FONT></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0%; text-indent: 3%; text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062">Exchange Commission: <B><BR>
</B></FONT><FONT STYLE="font-family: Verdana,sans-serif; font-size: 8pt; color: #00B0F0">sec.gov</FONT></P></TD>
    <TD width="2%">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: left"><P STYLE="font: 10pt Verdana,sans-serif; margin: 6pt 0; color: #0081C5; text-align: justify"><B><A NAME="a_021"></A>Basis of presentation</B></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 6pt 0 12pt; color: #5F5F61; text-align: justify">Pampa&rsquo;s financial information adopts US$ as functional currency, which is then translated into AR$ at transactional FX. However, for our affiliates Transener and TGS, their figures are adjusted for inflation as of June 30, 2023, and then translated into US$ at the period&rsquo;s closing FX. The reported figures in US$ from previous periods remain unchanged.</P>

<P STYLE="font: 10pt Verdana,sans-serif; color: #0081C6; margin: 12pt 0 6pt; text-align: justify"><B><A NAME="a_022"></A>Q2 23 main results<FONT STYLE="font-family: Verdana,sans-serif"><SUP>1</SUP></FONT></B></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 6pt 0 10pt; text-align: justify"><FONT STYLE="color: #00B0F0"><B>Sales amounted to US$464 million<SUP>2</SUP>, similar to Q2 22, </B></FONT><FONT STYLE="color: #5F6062">explained by improved natural gas prices and sold volumes, the incorporation of PEMC and PEA<SUP>3</SUP> and higher sales of reforming volumes, offset by lower petrochemical and crude oil prices and lesser legacy energy income.</FONT></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 10pt 0 6pt; text-align: justify"><FONT STYLE="color: #00B0F0"><B>Operating performance</B></FONT> <FONT STYLE="color: #5F6062">highlighted by reforming and CTEB&rsquo;s CCGT:</FONT></P>

</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD width="2%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD width="10%" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD width="10%" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
  <TD width="10%" STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD width="2%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(25,68,140); color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Pampa's main operational KPIs</TD>
    <TD width="10%" STYLE="background-color: rgb(25,68,140); color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">Q2 23</TD>
    <TD width="10%" STYLE="background-color: rgb(25,68,140); color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">Q2 22</TD>
  <TD width="10%" STYLE="background-color: rgb(25,68,140); color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD width="2%" STYLE="width: 2%">&nbsp;</TD>
    <TD width="15%" STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; width: 15%">Power</TD>
    <TD STYLE="width: 40%; color: #4F5150; font-family: Verdana, sans-serif; width: 40%">Generation (GWh)</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right; width: 10%">5,218</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right; width: 10%">4,477</TD>
  <TD width="10%" STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center; width: 10%">+17%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD width="2%">&nbsp;</TD>
    <TD width="15%" STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD width="40%" STYLE="color: #4F5150; font-family: Verdana, sans-serif">Gross margin (US$/MWh)</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">22.6</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">22.1</TD>
  <TD width="10%" STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">+2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD width="2%">&nbsp;</TD>
    <TD width="15%" STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD width="40%" STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
  <TD width="10%" STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD width="2%">&nbsp;</TD>
    <TD width="15%" STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">Oil and gas</TD>
    <TD width="40%" STYLE="color: #4F5150; font-family: Verdana, sans-serif">Production (k boe/day)</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">67.3</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">64.6</TD>
  <TD width="10%" STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">+4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD width="2%">&nbsp;</TD>
    <TD width="15%" STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD width="40%" STYLE="color: #4F5150; font-family: Verdana, sans-serif">Gas over total production</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">92%</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">92%</TD>
  <TD width="10%" STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">+0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD width="2%">&nbsp;</TD>
    <TD width="15%" STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD width="40%" STYLE="color: #4F5150; font-family: Verdana, sans-serif">Average gas price (US$/MBTU)</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4.7</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4.4</TD>
  <TD width="10%" STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">+7%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD width="2%">&nbsp;</TD>
    <TD width="15%" STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD width="40%" STYLE="color: #4F5150; font-family: Verdana, sans-serif">Average oil price (US$/bbl)</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">65.1</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">72.6</TD>
  <TD width="10%" STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">-10%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD width="2%">&nbsp;</TD>
    <TD width="15%" STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD width="40%" STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
  <TD width="10%" STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD width="2%">&nbsp;</TD>
    <TD width="15%" STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">Petrochemicals</TD>
    <TD width="40%" STYLE="color: #4F5150; font-family: Verdana, sans-serif">Volume sold (k ton)</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">106</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">91</TD>
  <TD width="10%" STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">+17%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD width="2%">&nbsp;</TD>
    <TD width="15%" STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD width="40%" STYLE="color: #4F5150; font-family: Verdana, sans-serif">Average price (US$/ton)</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1,240</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1,738</TD>
  <TD width="10%" STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">-29%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD width="2%">&nbsp;</TD>
    <TD width="15%" STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD width="40%" STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD width="10%" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
  <TD width="10%" STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD width="2%">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">
<P STYLE="font: 9pt Verdana,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="color: #00B0F0"><B>Adjusted EBITDA<SUP>4</SUP>
reached US$222 million, 13% lower than Q2 22</B></FONT><FONT STYLE="color: #5F6062">, explained by reductions of 53% in holding and others,
48% in petrochemicals, 4% in oil and gas, and 1% in power generation.</FONT></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="color: #00B0F0"><B>The profit attributable to
the Company&rsquo;s shareholders rose 156%, reaching US$166 million</B></FONT><FONT STYLE="color: #5F6062">, mainly due to gains from holding financial securities and, to
a lesser extent, depreciation over the monetary liability net  position in AR$, partially offset by increased financial interests due
to higher stock of AR$-debt and higher income tax charges.</FONT></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="color: #00AFEF"><B>Net debt continued decreasing,
reaching US$787 million</B></FONT><FONT STYLE="color: #5F6062">, resulting in a net leverage ratio of 1.1x.<BR STYLE="clear: both">
</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Verdana,sans-serif; margin: 10pt 0 6pt; text-align: justify"><FONT STYLE="color: #5F6062">&nbsp;</FONT></P>

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

<P STYLE="font: 7pt Verdana,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,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$97 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,sans-serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>3</SUP> PEMC is consolidated since
Pampa holds full ownership on August 2022; in process of divestment. PEA was acquired on December 2022.</P>

<P STYLE="font: 7pt Verdana,sans-serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="color: #5F6062"><SUP>4</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, </FONT><FONT STYLE="color: #00B0F0">see section 3.1 of this Earnings release</FONT><FONT STYLE="color: #5F6062">.</FONT></P>


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<P STYLE="color: #0081C6; font: bold 16pt Verdana,sans-serif; margin: 12pt 0 18pt; text-align: justify">Table of contents</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; font-family: Verdana, sans-serif; text-align: left; width: 3%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; font-family: Verdana, sans-serif; text-align: left; width: 92%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; font-family: Verdana, sans-serif; text-align: right; width: 5%; padding-bottom: 5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_021">Basis of presentation</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_022">Q2 23 main results</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt">1</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_001">Relevant Events</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">3</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">1.1</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_002">Oil and gas segment</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">3</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">1.2</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_003">Power generation segment</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">1.3</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_004">TGS: award of GPNK&rsquo;s operation and midstream service expansion	</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">4</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">1.4</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_023">Share capital reduction</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt">2</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_005">Financial highlights</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">6</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">2.1</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_006">Consolidated balance sheet</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">6</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">2.2</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_007">Consolidated income statement</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">7</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">2.3</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_008">Cash and financial borrowings</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">8</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt">3</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_009">Analysis of the Q2 23 results</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">11</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">3.1</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_010">Reconciliation of consolidated adjusted EBITDA</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">11</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">3.2</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_011">Analysis of the power generation segment</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">12</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">3.3</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_012">Analysis of the oil and gas segment</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">14</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">3.4</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_013">Analysis of the petrochemicals segment</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">3.5</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_014">Analysis of the holding and others segment</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">19</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">3.6</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_015">Analysis of the six-month period, by subsidiary and segment</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">20</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">3.7</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_016">Analysis of the quarter, by subsidiary and segment</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">21</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt">4</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_017">Appendix</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">4.1</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_018">Power generation&rsquo;s main operational KPIs</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">4.2</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_019">Production in the main oil and gas blocks</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">23</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt">5</TD>
    <TD STYLE="padding-left: 10pt; padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: left; padding-bottom: 5pt"><A HREF="#a_020">Glossary of terms</A></TD>
    <TD STYLE="padding-top: 5pt; color: #5F6062; font-family: Verdana, sans-serif; text-align: right; padding-bottom: 5pt">24</TD></TR>
  </TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS,sans-serif; margin-top: 12pt; margin-bottom: 18pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 16pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 16pt"><A NAME="a_001"></A>Relevant Events</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,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,sans-serif; font-size: 11pt"><B>1.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_002"></A>Oil and gas segment</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; color: #20396D"><B><I>Asset swap with Total Austral and
the beginning of shale oil development</I></B></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt; color: #5F6062">On June 23, 2023, Pampa
agreed with Total Austral S.A. (Argentine Branch) to acquire a 45% stake in the Rinc&oacute;n de Aranda block. In exchange, Pampa will
transfer its 100% equity stake in Greenwind, which solely owns the PEMC. As a result, Pampa will become the sole owner of Rinc&oacute;n
de Aranda.</P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt; color: #5F6062">Rinc&oacute;n de Aranda
is a 59,154-acre exploratory block located in the Neuquina Basin, at the heart of the Vaca Muerta&rsquo;s shale oil window in the Province
of Neuqu&eacute;n. It currently has one shut-in productive well and another uncompleted well, both drilled in 2019. Although the block
is not currently producing, its proximity to important productive blocks of the Vaca Muerta formation makes it highly promising from
a technical standpoint.</P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt; color: #5F6062">The closing of this swap
is subject to fulfilling certain precedent conditions, including granting the CENCH to Rinc&oacute;n de Aranda, which will extend its
exploitation rights for 35 years. On July 31, 2023, the Province of Neuqu&eacute;n approved the stake transfer and granted the CENCH to
Pampa (Executive Order No. 1,435/23). The transfer of the block&rsquo;s rights and the CENCH will take effect upon closing the swap, which
is still pending.</P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt; color: #5F6062">PEMC, inaugurated by Pampa
in May 2018, is a 100 MW wind farm located in Bah&iacute;a Blanca, Province of Buenos Aires. It was Pampa&rsquo;s first wind project and
the largest within the RenovAr 1 program. The annual average EBITDA amounts to US$21 million. The swap also includes the transfer of Greenwind&rsquo;s
debt, amounting to US$79 million as of June 30, 2023.</P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="color: #5F6062">While <FONT STYLE="color: #5F6062">this swap represents a significant milestone,
Pampa remains fully committed to renewable energy, which is essential to our mission of being a leading and efficient energy supplier.
Since 2018, Pampa has actively developed wind energy, establishing itself as one of Argentina&rsquo;s leading renewable energy companies.
Recently, we successfully</FONT> <FONT STYLE="color: #00B0F0">commissioned PEPE IV, and we began building PEPE VI</FONT><FONT STYLE="color: #5F6062">.
It is worth highlighting that this project&rsquo;s total expansion amounts to 300 MW, with an estimated total investment of US$500</FONT> million.</FONT>&nbsp;</P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt; color: #5F6062">With the full incorporation
of Rinc&oacute;n de Aranda into Pampa, we are diversifying our presence in the energy sector and reinforcing our commitment to developing
Vaca Muerta reserves, in a shale oil block with significant upside potential. Pampa is currently the third-largest gas producer in the
Neuquina Basin and holds an interest in 8% of Vaca Muerta&rsquo;s acreage. Over the period from 2020 to 2023, Pampa will complete over
US$1.1 billion in investments to enhance its gas production.</P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>New record of peak gas production
</I></B></P>


<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Aligned with
our production commitment under Plan Gas.Ar, on June 30, 2023, we achieved a record production of 13.5 million m<SUP>3</SUP>/day, representing
a 18% increase vs. 2022 record.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Unlike previous
years, this remarkable growth is primarily attributed to Vaca Muerta&rsquo;s shale gas production, which drilling began in the 2022-2023
campaign. Moreover, El Mangrullo contributed 60% of the 13.5 million m<SUP>3</SUP>/day production, and 25% came from Sierra Chata, both
ranked among the best gas-producing blocks in the Neuquina Basin.</P>

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

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt; color: #5F6062">The SE approved additional
gas export volumes to Chile on a take-or-pay basis for 0.9 million m<SUP>3</SUP>/day, delivering during the winter months of July to September
2023. This volume will increase to 1.5 million m<SUP>3</SUP>/day from October 2023 to April 2024.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,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,sans-serif; font-size: 11pt"><B>1.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_003"></A>Power generation segment</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; color: #20396D"><B><I>Commissioning of PEPE IV and commencement
of works at PEPE VI</I></B></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt; color: #5F6062">Between May 11 and June
17, 2023, the last 8 Vestas wind turbines were commissioned in Coronel Rosales, Province of Buenos Aires, completing the commissioning
of PEPE IV. Hence, the 18 wind turbines of 4.5 MW each at PEPE IV will contribute 81 MW of renewable energy to the national grid. The
construction of PEPE IV required an investment of over US$120 million. The energy produced will be sold in the MAT ER segment through
PPAs with private parties.</P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt; color: #5F6062">Moreover, the works at
PEPE VI have already started. The first stage will add 94.5 MW, and the second stage will increase the total capacity to 140 MW, fully
operational by 2H2024. By then, we expect to reach a total renewable capacity of 427 MW, further strengthening Pampa&rsquo;s position
as one of Argentina&rsquo;s leading wind power generators.</P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Tender to install thermal power
capacity</I></B></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt; color: #5F6062">On July 27, 2023, the
SE called a tender for installing 2,250-3,000 MW of thermal or co-generation power capacity to replace or enhance existing capacity, and
improve the reliability and sustainability of the Wholesale Electricity Market (Res. SE No. 621/23).</P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt; color: #5F6062">Awarded projects will
obtain a PPA with CAMMESA for up to 15 years, with commissioning scheduled between 2025 and 2028. Remuneration will mainly consist of
a base capacity payment ranging from US$9,000 to US$19,800/MW-month (depending on the tender&rsquo;s category) and an operation and maintenance
charge, comprising a fixed payment in US$/MW-month and a variable price per used fuel in US$/MWh.</P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt; color: #5F6062">The SE will evaluate the
efficiency, capacity payment and location of the tendered projects, prioritizing the critical nodes defined in the auction. The submission
deadline is August 31, 2023, with the awarding scheduled for October 10, 2023. Pampa is currently evaluating its participation in the
tender.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,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,sans-serif; font-size: 11pt"><B>1.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_004"></A>TGS: award of GPNK&rsquo;s operation
and midstream service expansion</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt; color: #5F6062">On June 5, 2023, ENARSA awarded TGS the operation and maintenance
of the GPNK&rsquo;s Tratay&eacute;n &ndash; Salliquel&oacute; tranche, signing a 5-year contract, extendable for 12 months. The GPNK,
which was inaugurated on July 9, 2023, and commissioning began on August 3, 2023, has a length of 573 km and an initial transportation
capacity of 11 million m<SUP>3</SUP>/day, passing through the Provinces of Neuqu&eacute;n, R&iacute;o Negro, La Pampa and Buenos Aires.
The license encompasses surface and underground facilities, as well as compressor stations in Tratay&eacute;n and Salliquel&oacute;.</P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt; color: #5F6062">In response to the increasing gas output from the Neuquina
Basin, TGS has been developing its midstream business since 2018. This includes the construction of an 182 km gathering gas pipeline that
passes through the Vaca Muerta formation, with a transportation capacity of up to 60 million m<SUP>3</SUP>/day. In August 2023, TGS is
set to commission a 32 km extension to the pipeline&rsquo;s north tranche (Los Toldos I Sur &ndash; El Trapial), with a 17 million m<SUP>3</SUP>/day
transportation capacity and a US$49 million investment. Additionally, TGS has installed a gas conditioning plant in Tratay&eacute;n, with
a 14.8 million m<SUP>3</SUP>/day capacity. Moreover, two conditioning plants with a capacity of 6.6 million m<SUP>3</SUP>/day each are
expected to be commissioned by 1H2024, with an estimated total investment of US$270 million.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,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,sans-serif; font-size: 11pt"><B>1.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_023"></A>Share capital reduction</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt; color: #5F6062">On July 18, 2023, 20 million shares (equivalent to 0.8 million ADR)
were canceled, which was previously approved by the shareholders&rsquo; meeting on April 26, 2023. Currently, Pampa&rsquo;s outstanding
capital stock amounts to 1,363,520,380 common shares or 54,540,815 ADRs equivalent.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS,sans-serif; margin-top: 12pt; margin-bottom: 18pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 16pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 16pt"><A NAME="a_005"></A>Financial highlights</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,sans-serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B>2.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_006"></A>Consolidated balance sheet</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">As of 06.30.2023</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: right">AR$</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: right">US$ FX 256.7</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: right">AR$</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: right">US$ FX 177.16</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left; width: 54%">ASSETS</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left; width: 11%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Property, plant and equipment</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">585,004</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2,279</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">383,464</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2,165</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Intangible assets</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">25,252</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">98</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">24,364</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">138</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Right-of-use assets</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1,982</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1,521</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Deferred tax asset</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">8,491</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">6,326</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">36</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Investments in joint ventures and associates</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">240,004</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">935</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">159,833</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">902</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Financial assets at amortized cost</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">25,853</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">18,000</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">102</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">7,053</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">4,867</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">27</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Other assets</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">121</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">0</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">91</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Trade and other receivables</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">6,660</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">3,415</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">900,420</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,508</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Inventories</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">47,714</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">186</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">30,724</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">173</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Financial assets at amortized cost</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">3,006</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1,357</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">169,968</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">662</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">103,856</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">586</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">146</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">161</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Trade and other receivables</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">116,646</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">454</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">83,328</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">470</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">50,749</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">198</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">18,757</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">106</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">388,229</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,512</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Assets classified as held for sale</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">46,631</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">182</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total assets</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">1,335,280</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">5,202</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">840,064</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">EQUITY</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">669,365</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,608</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Non-controlling interest</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1,684</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1,157</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total equity</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">671,049</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,614</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">404,620</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">LIABILITIES</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Provisions</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">38,250</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">149</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">26,062</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">147</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Income tax and presumed minimum income tax liabilities</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">37,356</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">146</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">31,728</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">179</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Deferred tax liabilities</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">17,596</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">69</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">19,854</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">112</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Defined benefit plans</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">8,362</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">4,908</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">28</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Borrowings</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">333,830</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1,300</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">237,437</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1,340</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Trade and other payables</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">8,485</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">3,757</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">443,879</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,729</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Provisions</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1,003</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">779</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Income tax liabilities</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">4,493</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">927</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Taxes payables</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">7,398</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">4,966</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">28</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Defined benefit plans</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">928</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1,021</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">5,404</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">5,627</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">32</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">133</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">318</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Borrowings</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">91,688</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">357</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">48,329</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">273</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Trade and other payables</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">74,368</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">290</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">49,731</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">281</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">185,415</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">722</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Liabilities associated to assets classified as held for sale</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">34,937</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">136</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total liabilities</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">664,231</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,588</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">435,444</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total liabilities and equity</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">1,335,280</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">5,202</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">840,064</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">4,742</TD></TR>
  </TABLE>
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</FONT></FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,sans-serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B>2.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_007"></A>Consolidated income statement</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; border-right: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First half</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; border-right: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Second quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">2023</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 0.5pt solid; border-right: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">2022</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">2023</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; 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: 39%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 7%">AR$</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 7%">US$</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 7%">AR$</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 7%">US$</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 7%">AR$</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 7%">US$</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 7%">AR$</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-right: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 7%">US$</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">Sales revenue</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">194,256</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">895</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">99,523</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">874</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">110,341</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">464</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">55,512</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">462</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Local market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">154,309</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">708</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">78,708</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">688</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">86,900</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">363</TD>
    <TD STYLE="color: red; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">44,999</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">372</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">39,947</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">187</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">20,815</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">186</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">23,441</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">101</TD>
    <TD STYLE="color: red; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">10,513</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">90</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">Cost of sales</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(117,939)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(555)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(60,896)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(540)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(67,401)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(290)</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(34,652)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(294)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">76,317</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">340</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">38,627</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">334</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">42,940</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">174</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">20,860</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">168</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">Selling expenses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(7,723)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(34)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(3,721)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(33)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(4,530)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(18)</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(1,658)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(12)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">Administrative expenses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(19,564)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(89)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(7,326)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(63)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(11,254)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(48)</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(3,797)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(31)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">Exploration expenses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(1,750)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(15)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(1,702)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">Other operating income</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">14,289</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">4,357</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">36</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">9,430</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">45</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">3,057</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">25</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">Other operating expenses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(7,375)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(35)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(2,632)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(23)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(3,530)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(22)</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(964)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(8)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(937)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(519)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(646)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(392)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(3)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">Rec. of imp. (impairm.) of int. assets &amp; inventories</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(323)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(4,384)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(35)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(734)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(4,375)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(35)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">Results for part. in joint businesses &amp; associates</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">8,570</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">34</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">6,861</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">57</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">5,370</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">19</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">4,179</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">32</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">61,504</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">266</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">31,248</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">269</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">35,344</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">137</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">16,903</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">136</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">Financial income</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">428</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">450</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">235</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">204</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">Financial costs</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(41,078)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(188)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(8,794)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(78)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(26,367)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(112)</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(4,599)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(39)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">Other financial results</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">55,461</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">254</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(4,170)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(35)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">40,818</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">170</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(3,881)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(33)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">14,811</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">68</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(12,514)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(108)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">14,686</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">60</TD>
    <TD STYLE="color: red; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(8,276)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(70)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">76,315</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">334</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">18,734</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">161</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">50,030</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">197</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">8,627</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">66</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle">Income tax</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(7,087)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(29)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(29)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(7,730)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(33)</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(376)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Net income for the period</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">69,228</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">305</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">18,705</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">167</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">42,300</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">164</TD>
    <TD STYLE="color: red; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">8,251</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">67</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Attributable to the owners of the Company</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">69,097</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">305</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">18,469</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">165</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">42,179</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">164</TD>
    <TD STYLE="color: red; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">8,165</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">66</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Attributable to the non-controlling interests</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">131</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">236</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">121</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">0.1</TD>
    <TD STYLE="color: red; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">86</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Net income per share to shareholders</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">50.36</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">0.22</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">13.37</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">0.12</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">31.01</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">0.12</TD>
    <TD STYLE="color: red; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">5.92</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">0.05</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Net income per ADR to shareholders</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">1,259.06</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">5.56</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">334.34</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">2.99</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">775.35</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">3.01</TD>
    <TD STYLE="color: red; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">147.92</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">1.20</TD></TR>
  <TR>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: red; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Average outstanding common shares<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-weight: 700"><I><SUP>1</SUP></I></FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">1,372</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">1,381</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">1,360</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">1,380</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: left">Outstanding shares by the end of period<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-weight: 700"><I><SUP>1</SUP></I></FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,360</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,380</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,360</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,380</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; color: white"></FONT></P>

<P STYLE="font: 7pt Verdana,sans-serif; margin: 4pt 1.35pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>: <B>1</B> It considers
the shares from the Employee stock-based compensation plan, which as of June 30, 2022 and 2023 amounted to 3.9 million common shares.</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q2 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr2q236k_004.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,sans-serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B>2.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_008"></A>Cash and financial borrowings</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">As of June 30, 2023,<BR>
in US$ million</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: white 0.5pt solid; text-align: center">Cash<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 700; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: white 0.5pt solid; text-align: center">Financial debt</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: white 0.5pt solid; text-align: center">Net debt</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">Consolidated <BR>
in FS</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">Ownership adjusted</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center; border-top-color: white; border-top-width: 0.5pt">Consolidated <BR>
in FS</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">Ownership adjusted</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center; border-top-color: white; border-top-width: 0.5pt">Consolidated <BR>
in FS</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">Ownership adjusted</TD></TR>
  <TR>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left; width: 31%">Power generation</TD>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; width: 11%">714</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; width: 11%">710</TD>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; width: 11%">631</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; width: 11%">631</TD>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; width: 11%">(83)</TD>
    <TD STYLE="color: #404040; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; width: 11%">(80)</TD></TR>
  <TR>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Petrochemicals</TD>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #404040; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Holding and others</TD>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">0</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">0</TD>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #404040; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Oil and gas</TD>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">157</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">157</TD>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">1,027</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">1,027</TD>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">870</TD>
    <TD STYLE="color: #404040; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">870</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">872</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">868</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">1,658</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">1,658</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">786</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">790</TD></TR>
  <TR>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Affiliates at O/S<FONT STYLE="font-family: Verdana, 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, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">141</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">141</TD>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">306</TD>
    <TD STYLE="color: #404040; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">306</TD>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">164</TD>
    <TD STYLE="color: #404040; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">164</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">Total with affiliates</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">1,013</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">1,009</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">1,963</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">1,963</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">951</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: right">954</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 1pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana,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,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">As of
June 30, 2023, Pampa&rsquo;s financial debt at the consolidated level under IFRS amounted to US$1,658 million, which is slightly higher
than at the end of 2022, mainly explained by debt issuances, partially offset by the de-consolidation of PEMC&rsquo;s associated financial
debt due to the pending divestment. However, the net debt decreased by 14%, reaching US$786 million. The total US$ debt accounted for
79% of the Company&rsquo;s gross debt, with an average interest rate of 8.3%, primarily at a fixed rate, and no coupon for US$-link debt,
while the US$-MEP indebtedness rate was 4.99%. The average interest rate for AR$ debt was 87%. The financial debt had an average life
of 3.2 years. The chart below shows the principal maturity profile, net of repurchases, in US$ million by the end of Q2 23:</P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9pt; color: #5F6062">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9pt; color: #5F6062">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri,sans-serif; width: 64%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><IMG SRC="image_003.jpg" ALT=""><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>
<FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
    <P STYLE="font: 7pt Verdana,sans-serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana,sans-serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana,sans-serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana,sans-serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana,sans-serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana,sans-serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana,sans-serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana,sans-serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana,sans-serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana,sans-serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana,sans-serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana,sans-serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Verdana,sans-serif; margin: 0; color: #5F6062"><B>Note: </B>The chart only considers Pampa consolidated under IFRS;
    it does not include affiliates TGS, Transener, and CTBSA.</P></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">During Q2 23, Pampa
redeemed the outstanding 2023 Notes (US$92.9 million) and issued the Series XVI CB in US$-MEP for US$55.7 million at a 4.99% rate maturing
on November 2025 and the second Green Bond (Series XVII CB) for AR$5,980 million at a Private Badlar plus 2% floating rate maturing in
May 2025, and received in-kind AR$852 million from the first Green Bond (Series VIII CB) at a 1.0336 ratio. Moreover, Pampa obtained short-term
bank debt for AR$36,168 million and paid borrowings for US$9 million and import financing for US$5 million.</P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">After Q2 23, Pampa paid net import financing facilities for US$2
million and the outstanding AR$2,283 million of the first Green Bond (Series VIII CB), and took short-term loans for AR$2 billion.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9pt; color: #5F6062">Regarding
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">our affiliates, CTEB issued Series IX
US$-link CB in Q2 23 for US$50 million at a 0% coupon, maturing in April 2026, of which US$2 million </FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">was
exchanged with Series I CB at a 1.0033 ratio.</FONT></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%"><IMG SRC="pampr2q236k_004.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">The
remaining US$30 million from Series I CB was redeemed in
May. Additionally, TGS paid import financing in foreign currency for the equivalent of US$2 million, while Transener paid borrowings
for AR$702 million. After the quarter&rsquo;s closing, TGS obtained import financing for the equivalent of US$17 million and refinanced
loans for US$4 million, while Transener paid borrowings for AR$56
million.</P>

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

<P STYLE="font: 7pt Verdana,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>Settled post-Q2 23.</P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q2 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr2q236k_004.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Verdana,sans-serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Credit rating of Pampa and subsidiaries</I></B></P>

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

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


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q2 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS,sans-serif; margin-top: 12pt; margin-bottom: 18pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 16pt">3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 16pt"><A NAME="a_009"></A>Analysis of the Q2 23 results</FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Breakdown by segment<BR>
<FONT STYLE="font-family: Verdana, 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; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Q2 23</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Q2 22</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right">Sales</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-right: #1A458C 1.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right">Net Income</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right">Sales</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-right: #1A458C 1.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right">Net Income</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: center">Sales</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: center">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: center">Net Income</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; width: 28%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Power generation</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">171</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">98</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">104</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">165</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">99</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(18)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+4%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-1%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Oil and Gas</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">187</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">97</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">15</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">165</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">102</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">52</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+13%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-4%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-71%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Petrochemicals</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">132</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">158</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">19</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">14</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-16%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-48%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-57%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Holding and Others</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">16</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">39</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">35</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">19</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-20%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-53%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+105%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Eliminations</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(30)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(31)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-100%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Total</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">464</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">222</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">164</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">462</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">253</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">66</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+0%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">-13%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+148%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 4pt 5.75pt 0 0; text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt; color: #5F6062"><B></B></FONT></P>

<P STYLE="font: 7pt Verdana,sans-serif; margin: 3pt 5.75pt 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,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,sans-serif; font-size: 11pt"><B>3.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_010"></A>Reconciliation of consolidated adjusted
EBITDA</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; 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, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">in US$ million</FONT></TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom; border-top: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First half</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom; border-top: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Second quarter</TD></TR>
  <TR STYLE="background-color: #1A458C">
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom; border-bottom: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2023</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2022</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2023</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2022</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; vertical-align: middle; width: 54%">Consolidated operating income</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; width: 11%">266</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; width: 11%">269</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; width: 11%">137</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; width: 11%">136</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; vertical-align: middle">Consolidated depreciations and amortizations</TD>
    <TD STYLE="font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">126</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">106</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">67</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">56</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">EBITDA</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">392</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">375</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">204</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">192</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle">Adjustments from generation segment</TD>
    <TD STYLE="color: #0070C0; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">11</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">9</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Deletion of equity income</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(34)</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(12)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(29)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(17)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(3)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Deletion of provision in outages</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Deletion of PPE activation in operating expenses</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">11</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Deletion of provision in hydros</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Greenwind's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">CTBSA's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">29</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">14</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">8</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle">Adjustments from oil and gas segment</TD>
    <TD STYLE="color: #0070C0; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">29</TD>
    <TD STYLE="color: #0070C0; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">29</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Deletion of PPE &amp; inventories' impairment</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">29</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">29</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Deletion of R&iacute;o Atuel's reversal losses</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle">Adjustments from petrochemicals segment</TD>
    <TD STYLE="color: #0070C0; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #0070C0; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Deletion of inventory impairment</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle">Adjustments from holding &amp; others segment</TD>
    <TD STYLE="color: #0070C0; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">38</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">63</TD>
    <TD STYLE="color: #0070C0; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">24</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Deletion of equity income</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(29)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(23)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(16)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(20)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Deletion of intang. assets' impairment/(recovery)</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">TGS's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">52</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">71</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">31</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: left">Transener's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">9</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid">Consolidated adjusted EBITDA</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">428</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">478</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">222</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">253</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: left">At our ownership</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">419</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">477</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">226</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">253</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9pt; color: #5F6062"></FONT></P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q2 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,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"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B>3.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_011"></A>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-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; 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, 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; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First half</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Second quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2023</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right">2022</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; border-right: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right">&#8710;%</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right">2023</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right">2022</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; width: 50%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">344</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">331</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right; width: 8%">+4%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">171</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">165</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right; width: 8%">+4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Local market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">344</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">331</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+4%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">171</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">165</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Cost of sales</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(181)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(184)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-2%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(97)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(100)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-3%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">163</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">147</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+11%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">74</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">65</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+14%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Selling expenses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Administrative expenses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(26)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(19)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+37%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(10)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+40%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Other operating income</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">35</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Other operating expenses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(9)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Results for participation in joint businesses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">34</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-85%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-75%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">162</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">166</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; 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-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">78</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">69</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Finance income</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Finance costs</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(66)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(27)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+144%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(41)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+193%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Other financial results</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">124</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(42)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">90</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(51)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">59</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(68)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">50</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(65)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">221</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">98</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+126%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">128</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Income tax</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(21)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(17)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+24%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(24)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(21)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+14%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid">Net income for the period</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">200</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">81</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">+147%</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">104</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">(17)</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Attributable to owners of the Company</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: right">200</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: right">79</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: right">+153%</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: right">104</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: right">(18)</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: left">Attributable to non-controlling interests</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">-</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">2</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">-100%</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">0</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">1</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">-90%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">206</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">220</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-6%</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">98</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">99</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-1%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">Adjusted EBITDA at our share ownership</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">198</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">219</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-10%</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">103</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">98</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Increases in PPE</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">146</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">30</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+165%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">50</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">43</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+16%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+14%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Verdana,sans-serif; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #5F6062">The
slight increase in power generation </FONT><FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">during Q2 23
is mainly explained by renewable PPAs: the consolidation of PEMC, the acquisition of PEA and the commissioning of PEPE IV. Additionally,
despite a 2% drop in national industrial electricity consumption, we recorded a 21% increase in Energ&iacute;a Plus demand, reaching 530
GWh during Q2 23.</FONT></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">These effects
were partially offset by lower legacy energy prices and, to a lesser extent, Energia Plus prices. For legacy energy, in spite of
price increases, devaluation affected the mainly AR$-traded prices. Legacy energy represented 68% of the 5,432 MW operated by
Pampa<SUP>[5]</SUP>, but comprised only 27% of the Q2 23 segment&rsquo;s sales. The capacity remuneration for our thermal legacy
units was US$4.0 thousand/MW-month (-8% vs. Q2 22), but it would have been -30% without the differential remuneration for CCGTs
(Res. No. 59/23). Hydros recorded US$1.9 thousand/MW-month (-14% vs. Q2 22). Moreover, sales were affected by a programmed overhaul
in CTGEBA&rsquo;s legacy CCGT and a minor incident at CTG; both outages ended in June 2023.</P>

<P STYLE="font: 9pt Verdana,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 17% vs. Q2 22. This was explained by the higher
dispatch from the most efficient units, mainly CTEB&rsquo;s CCGT, commissioned in February 2023 (+936 GWh), new wind farms PEA and PEPE
IV (+117 GWh) and CTLL due to more gas availability in the area (+56 GWh). On the other hand, Argentine power generation decreased by
7% year-on-year due to</FONT></P>

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

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

<P STYLE="font: 7pt Verdana,sans-serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>5</SUP> Under IFRS, we do not consolidate
CTEB (848 MW) in our financial statements since it is an affiliate. However, it is an asset operated by Pampa and its EBITDA to our shareholding
is considered in our total adjusted EBITDA.</P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q2 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr2q236k_004.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: rgb(95,96,98); font: 9pt Verdana,sans-serif; margin: 12pt 0pt; text-align: justify">lower demand, affecting
CPB&rsquo;s dispatch (-218 GWh) and Mendoza hydros (-19 GWh). Moreover, CTGEBA&rsquo;s TV01 had a programmed overhaul (-137 GWh),
and wind farms experienced lower wind speeds (-27 GWh).</P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; 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 95.0% in Q2 23 (-279 basis points vs. Q2 22&rsquo;s 97.8%), mainly
due to CTG&rsquo;s outage and the programmed maintenance at CTGEBA, both mentioned above, in addition to the commissioning testing with
GO of CTEB&rsquo;s CCGT. Therefore, a 93.6% thermal availability rate was registered in Q2 23 (-374 basis points vs. 97.3% from Q2 22).</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; 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-family: Verdana, sans-serif; text-align: center">2023</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">2022</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-family: Verdana, sans-serif; text-align: center">Hydro</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-family: Verdana, sans-serif; text-align: center">Wind</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-family: Verdana, sans-serif; text-align: center">Thermal</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">Total</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-family: Verdana, sans-serif; text-align: center">Hydro</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-family: Verdana, sans-serif; text-align: center">Wind</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-family: Verdana, sans-serif; text-align: center">Thermal</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">Total</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: center">Hydro</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: center">Wind</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: center">Thermal</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: left; width: 25%">Installed capacity (MW)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right; width: 6%">938</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right; width: 6%">387</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right; width: 6%">4,107</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right; width: 6%">5,432</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right; width: 6%">938</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right; width: 6%">206</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right; width: 6%">3,826</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right; width: 6%">4,970</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right; width: 6%">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right; width: 6%">+88%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right; width: 6%">+7%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right; width: 6%">+9%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">New capacity (%)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">33%</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">32%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">28%</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">26%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+5%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">Market share (%)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2.2%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0.9%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">9.5%</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">12.5%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2.2%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0.5%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">8.9%</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">11.6%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-0%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+0%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+1%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Semester</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">Net generation (GWh)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">653</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">598</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">9,728</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">10,978</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">596</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">442</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">8,331</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">9,369</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+9%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+35%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+17%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+17%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">Volume sold (GWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">653</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">592</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">10,315</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">11,561</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">596</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">456</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">8,905</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">9,956</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+10%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+30%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+16%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+16%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">Average price (US$/MWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">24</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">73</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">33</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">34</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">28</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">69</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">41</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">41</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-13%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+6%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-19%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-16%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">Average gross margin (US$/MWh)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">64</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">20</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">22</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">58</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">25</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">26</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-28%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+9%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-19%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-16%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Second quarter</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">Net generation (GWh)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">205</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">306</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4,707</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">5,218</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">224</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">215</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4,038</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">4,477</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-8%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+42%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+17%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+17%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">Volume sold (GWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">205</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">301</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">5,017</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">5,523</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">224</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">221</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4,302</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">4,747</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-8%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+36%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+17%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+16%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">Average price (US$/MWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">33</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">74</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">35</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">37</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">33</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">70</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">39</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">40</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-1%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+6%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-10%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-7%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">Average gross margin (US$/MWh)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">64</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">21</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">23</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">8</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">60</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">21</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">22</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-29%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+7%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-1%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+2%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 6pt 0 3pt; text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana,sans-serif; margin: 0; text-align: justify; color: #5F6062"><B>Note</B>: Gross margin before amortization
and depreciation. It includes CTEB, operated by Pampa (50% equity stake), and PEMC, in the process of divestment.</P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; 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
17% vs. Q2 22, mainly due to increased commercial interests from CAMMESA&rsquo;s collection delays, both in rate and days. Without considering
this income, costs rose only 3% year-on-year, explained by higher labor costs and, to a lesser extent, increased power purchases to cover
contracts, partially offset by lower repairment charges due to the CTLL&rsquo;s outage in Q2 22.</FONT></P>

<P STYLE="font: 9pt Verdana,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 Q2 23 reached a net profit of US$50 million, while a net
loss of US$65 million was recorded in Q2 22, mainly due to profits from holding financial instruments, partially offset by higher financial
interest due to increased stock of AR$-debt and, to a lesser extent, by higher FX losses due to the segment&rsquo;s asset monetary position.</FONT></P>

<P STYLE="font: 9pt Verdana,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$98 million,
similar to Q2 22, mainly due to lower legacy energy prices and, to a lesser extent, Energ&iacute;a Plus prices, certain thermal outages
at CTG and programmed at CTGEBA, lower dispatch at less efficient units as required by CAMMESA, and higher labor costs. These variations
were partially offset by renewable PPAs at PEMC, PEA and PEPE IV, the commissioning of CTEB&rsquo;s CCGT and the differential remuneration
in US$ for legacy CCGTs. In addition, adjusted EBITDA considers CTEB (CTBSA)&rsquo;s 50% ownership (US$14 million in Q2 23 vs. US$8 million
in Q2 22) and PEMC (Greenwind)&rsquo;s 50% share capital when it was Pampa&rsquo;s affiliate for US$3 million in Q2 22. Adjusted EBITDA
excludes items such as the commercial interests for delayed collections, repair expenses from CTLL&rsquo;s outage in Q2 22, accrual of
PPE&rsquo;s expenses as operating costs and contingency provisions for the concession&rsquo;s termination at Mendoza hydros in Q2 23.</FONT></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="color: #5F6062">Finally,
without including CTEB,</FONT> <FONT STYLE="color: #00B0F0"><B>capital expenditures </B></FONT><FONT STYLE="color: #5F6062">registered
US$53 million in Q2 23 (vs. US$20 million in Q2 22), explained by the PEPE VI project, offset by the commissioning of PEPE IV. </FONT></P>


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<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; color: #5F6062">The following table shows the expansion projects
in power generation:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: left">Project</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: center">MW</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: center">Marketing</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: center">Currency</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">Awarded price</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">Estimated capex in <BR>
US$ million<FONT STYLE="font-family: Verdana, 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: center">Capacity per<BR>
MW-month</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: center">Variable<BR>
per MWh</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: center">Total <BR>
per MWh</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: center">Budget</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: center">% Executed <BR>
@6/30/23</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: left; width: 19%">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 5%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 13%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 9%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 9%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 9%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 9%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Closing to CC Ensenada<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 700; color: #00B0F0"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">279</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">PPA for 10 years</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">US$</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">23,962</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">10.5</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">43</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">253</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">99%</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">22-Feb-23</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Renewable</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Pampa Energ&iacute;a IV<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 700; color: #00B0F0"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">81</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">MAT ER</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">US$</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">na</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">na</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">58<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 700; color: #00B0F0"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">128</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">94%</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">17-Jun-23</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; border-bottom: #5F6062 1.5pt solid; text-align: left">Pampa Energ&iacute;a VI</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; border-bottom: #5F6062 1.5pt solid; text-align: right">139.5</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; border-bottom: #5F6062 1.5pt solid; text-align: center">MAT ER</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; border-bottom: #5F6062 1.5pt solid; text-align: center">US$</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; border-bottom: #5F6062 1.5pt solid; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; border-bottom: #5F6062 1.5pt solid; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; border-bottom: #5F6062 1.5pt solid; text-align: right">62<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; border-bottom: #5F6062 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; border-bottom: #5F6062 1.5pt solid; text-align: right">261</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; border-bottom: #5F6062 1.5pt solid; text-align: center">1%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; border-bottom: #5F6062 1.5pt solid; text-align: center">Q4 2024 (est.)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 6.5pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana,sans-serif; margin: 3pt 0 0; text-align: justify; color: #5F6062"><B>Note: 1</B> Without value-added tax. <B>2</B> The ST capacity increased from
272 MW to 279 MW in April 2023, and both GTs from 567 MW to 569 MW. <B>3 </B>Progressive commissioning from December 2022,
completing in June 2023. <B>4</B> Estimated average.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,sans-serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B>3.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_012"></A>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-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; 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, 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; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First half</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Second quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2023</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2023</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; width: 50%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">341</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">302</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right; width: 8%">+13%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">187</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">165</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right; width: 8%">+13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Local market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">230</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">216</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+6%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">126</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">135</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">111</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">86</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+29%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">30</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Cost of sales</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(198)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(160)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+24%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(106)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(90)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+18%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">143</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">142</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">81</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">75</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+8%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Selling expenses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(25)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(24)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+4%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(13)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+63%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Administrative expenses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(38)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(28)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+36%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(20)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+43%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Other operating income</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">25</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+4%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Other operating expenses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(13)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(16)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-19%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-100%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Impairment of PPE and inventories</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(29)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-100%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(29)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">85</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">68</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+25%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">39</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+36%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Finance income</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Finance costs</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(97)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(43)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+126%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(59)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(19)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+211%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Other financial results</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">25</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+186%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(71)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(47)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+51%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(38)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+217%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Loss before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">14</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-33%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-44%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Income tax</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-100%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">25</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid">Net loss for the period</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">14</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">48</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">-71%</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">15</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">52</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">-71%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">159</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">158</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+1%</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">97</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">102</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Increases in PPE and right-of-use assets</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">217</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">148</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+47%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">129</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">85</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+52%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">73</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+20%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">41</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">34</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+21%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="color: #5F6062">In Q2
23, </FONT><FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">from the oil and gas segment grew 13% vs.
Q2 22, mainly due to higher gas income from exports to Chile and deliveries to CAMMESA and, to a lesser extent, an increase in
foreign oil demand. However, these effects were partially offset by a lower gas retail demand due to mild weather, although it
increased during the winter season that began in May. Moreover, crude oil exports were affected by lower internationall
prices.</FONT></P>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q2 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">2023</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">2022</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">Oil</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">Oil</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">Oil</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; width: 34%">Semester</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 7%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Volume</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Production</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, 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; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">9,745</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">9,519</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+0%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+2%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">344</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">336</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">5.1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">57.4</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">62.4</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">5.1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">56.0</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">61.1</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Sales</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, 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; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0.9</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">9,781</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">9,606</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+14%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+2%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+3%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">345</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">339</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">5.7</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">57.6</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">63.2</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4.9</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">56.5</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">61.5</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Average Price</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In US$/bbl</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">66.4</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">70.7</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">-6%</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+9%</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In US$/MBTU</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4.4</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4.0</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Second quarter</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Volume</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Production</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, 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; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">10,577</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">10,118</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+0%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+5%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">374</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">357</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">5.1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">62.3</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">67.3</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">5.1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">59.6</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">64.6</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Sales</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, 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; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0.9</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">10,585</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0.7</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">10,227</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+15%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+4%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">374</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">361</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">5.4</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">62.3</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">67.7</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4.7</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">60.2</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">64.9</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Average Price</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In US$/bbl</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">65.1</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">72.6</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">-10%</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+7%</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">In US$/MBTU</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4.7</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4.4</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: #DFDFDF; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 12pt 0 3pt; text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9pt; color: #5F6062"></FONT></P>

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

<P STYLE="font: 9pt Verdana,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"><FONT STYLE="color: #5F6062">terms, total production reached 67.3 kboe/day
in Q2 23 (+4% vs. Q2 22 and +17% vs. Q1 23). </FONT><FONT STYLE="color: #00B0F0"><B>Gas production</B></FONT> <FONT STYLE="color: #5F6062">recorded
10.6 million m<SUP>3</SUP>/day (+5% vs. Q2 22 and +19% vs. Q1 23), explained by the beginning of the winter season, higher volumes exported
to Chile and increased demand for thermal generation by CAMMESA. However, lower retail demand was observed compared to the maximum volumes
contracted under Plan Gas.Ar due to mild weather. Still, Pampa reached a new all-time high gas production in June, recording 13.5 million
m<SUP>3</SUP>/day</FONT>.</FONT></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Analyzing
the gas output by block</B></FONT><FONT STYLE="color: #5F6062">, 60% of our total gas output in Q2 23 came from El Mangrullo,
which recorded 6.3 million m<SUP>3</SUP>/day (-13% vs. Q2 22 but +10% vs. Q1 23 due to seasonality). The lower activity at El Mangrullo
is explained by the soft retail demand mentioned above. On the other hand, due to shale activity, Sierra Chata reached 2.2 million m<SUP>3</SUP>/day
(+209% vs. Q2 22 and +83% vs. Q1 23). At non-operated blocks, R&iacute;o Neuqu&eacute;n remained at 1.6 million m<SUP>3</SUP>/day (+4%
vs. Q2 22 and +6% vs. Q1 23), while Rinc&oacute;n del Mangrullo continues the natural depletion, contributing 0.2 million m<SUP>3</SUP>/day
(-33% vs. Q2 22 and -8% vs. Q1 23).</FONT>&nbsp;</P>

<P STYLE="font: 9pt Verdana,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 Q2 23 was US$4.7/MBTU (+7% vs. Q2 22 and +19% vs. Q1 23), mainly driven by better export
prices to Chile, which were higher than the local market, partially offset by lower prices in the industrial segment due to lower domestic
demand.</FONT></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In Q2
23, 39% of our </FONT><FONT STYLE="color: #00B0F0"><B>gas deliveries</B></FONT> <FONT STYLE="color: #5F6062">were destined for the retail
segment due to the winter period priority under Plan Gas.Ar. 22% was sold to CAMMESA as fuel for our thermal power units, also under Plan
Gas.Ar<SUP>6</SUP>, 20% was sold to the industrial/spot market, 15% was exported, and the remaining was sold as raw</FONT></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">&nbsp;</FONT></P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">


<P STYLE="font: 7pt Verdana,sans-serif; margin: 0 0 3pt; text-align: justify; color: #5F6062"><SUP>6</SUP> Energ&iacute;a Plus and SEE
Res. No. 287/17.</P>

<!-- Field: Page; Sequence: 15 -->
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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%"><IMG SRC="pampr2q236k_004.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Verdana,sans-serif; color: rgb(95,96,98); margin: 12pt 0; text-align: justify">material to our petchem plants. In contrast, in Q2 22, 48%
was sold to the retail segment, 21% to the industrial/spot market, 17% to our thermal power units, 10% was exported, and 3% was sold to
our petchem plants.</P>

<P STYLE="font: 9pt Verdana,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 5.1 kbbl/day in Q2 23, similar to Q2 22, explained by higher output at R&iacute;o
Neuqu&eacute;n, Gobernador Ayala and Los Blancos (+0.4 kbbl/day vs. Q2 22), partially offset by a drop of 0.3 kbbl/day at El Tordillo.
However, the volume sold was higher thanks to the oil stock during Q2 23 to respond to the increasing foreign demand. 67% of the volume
traded was destined for the local market vs. 78% in Q2 22.</FONT></P>

<P STYLE="font: 9pt Verdana,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 Q2 23 was 10% lower than in Q2 22, reaching US$65.1/barrel,
explained by lower export prices due to the decrease in Brent, while domestic prices remained similar, recording US$65/barrel.</FONT></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">By the
end of Q2 23, we accounted for 815</FONT> <FONT STYLE="color: #00B0F0"><B>productive wells</B></FONT> <FONT STYLE="color: #5F6062">vs.
895 as of the end of 2022. The sharp decrease is explained by the exit agreements in Estaci&oacute;n Fern&aacute;ndez Oro and Anticlinal
Campamento gas blocks, and the production curtailment at El Tordillo oil block due to cost efficiency.</FONT></P>

<P STYLE="font: 9pt Verdana,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 Q2 23, excluding depreciation, amortization, Plan Gas.Ar
compensation and interests for delayed collections charged to CAMMESA grew 37%, reaching US$112 million vs. Q2 22 and 19% vs. Q1 23, mainly
due to a US$7 million loss for wells write-off because of R&iacute;o Atuel&rsquo;s oil exploratory area reversal, in addition to higher
transportation costs for gas exports as tariffs increased, operation and maintenance of wells and treatment plants at operated blocks,
labor expenses, royalties and levies - all linked to higher oil and gas sales. </FONT>&nbsp;</P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">New wells&rsquo;
productivity positively impacted the </FONT><FONT STYLE="color: #00B0F0"><B>lifting cost per boe</B></FONT><FONT STYLE="color: #5F6062">,
which increased at a lower speed than total operating costs. Lifting cost increased by only 11% year-on-year to US$6.5/boe produced in
Q2 23 and decreased by 9% vs. Q1 23.</FONT></P>

<P STYLE="font: 9pt Verdana,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 Q2 23 recorded increased losses of US$38 million, mainly due to a rise in interests
from the higher stock of AR$-debt and devaluation losses over certain receivables, partially offset by higher gains from holding financial
securities.</FONT></P>

<P STYLE="font: 9pt Verdana,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$97 million in Q2
23, 4% lower than in Q2 22, mainly explained by soft retail demand and higher operation costs due to increased activity, partially offset
by gas and oil exports. In addition, the adjusted EBITDA of Q2 23 excludes the impairment of PPE and inventories, costs linked to R&iacute;o
Atuel reversal and commercial interests for late collection, mainly charged to CAMMESA.</FONT></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Finally,
in Q2 23, </FONT><FONT STYLE="color: #00B0F0"><B>capital expenditures</B></FONT> <FONT STYLE="color: #5F6062">amounted to US$129 million,
52% higher vs. Q2 22, mainly driven by the shale gas wells drilling and completion campaign to comply with the additional commitments
under Plan Gas.Ar.</FONT></P>

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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,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,sans-serif; font-size: 11pt"><B>3.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_013"></A>Analysis of the petrochemicals segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; 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, 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; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First half</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Second quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2023</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2023</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; width: 50%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">257</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">284</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right; width: 8%">-10%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">132</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">158</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right; width: 8%">-16%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Local market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">181</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">184</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-2%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">92</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">99</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-8%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">76</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-24%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">59</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-32%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Cost of sales</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(231)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(250)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-8%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(117)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(134)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">34</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-24%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-38%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Selling expenses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Administrative expenses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+50%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Other operating expenses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Impairment of inventories</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">23</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-52%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; 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-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-72%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Finance costs</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Other financial results</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">2</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">13</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-41%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-53%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Income tax</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-33%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-33%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid">Net income for the period</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">11</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">19</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">-42%</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">6</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">14</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">-57%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">17</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">25</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-32%</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">10</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">19</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-48%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Increases in PPE</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+50%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-50%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+50%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+100%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; 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$10 million in Q2 23, which is 48% lower vs.
Q2 22, mainly explained by the significant drop in international reference prices and lower styrene, polystyrene and SBR exported volumes.
These effects were partially offset by higher reforming volumes sold. On the other hand, the adjusted EBITDA increased by US$3 million
quarter-on-quarter, mainly due to an improvement in reforming international reference prices and higher SBR volumes sold, partially offset
by lower styrene and polystyrene sales.</FONT></P>

<P STYLE="font: 9pt Verdana,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"><FONT STYLE="color: #00B0F0"></FONT> <FONT STYLE="color: #5F6062">sold
grew 17% vs. Q2 22, reaching 106 thousand tons, mainly explained by increased dispatch of reforming products due to higher virgin naphtha
processing and a programmed shutdown in Q2 22. This increase was partially offset by lower exports of the rest of the products,
in addition to the 3 thousand tons of gasoline dispatched as toll processing, which was not recorded as volume sold in Q2 22</FONT>.</FONT></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%"><IMG SRC="pampr2q236k_004.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Petrochemicals'<BR>
key performance indicators&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">Products</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font: 8.5pt Verdana, sans-serif; text-align: center">Styrene &amp; polystyrene<FONT STYLE="font-family: Verdana, sans-serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; font: 8.5pt Verdana, sans-serif; text-align: center">SBR</TD>
    <TD STYLE="color: white; font: 8.5pt Verdana, sans-serif; text-align: center">Reforming &amp; others</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 1.5pt solid; width: 37%">Semester</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 1.5pt solid; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 1.5pt solid; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 1.5pt solid; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 1.5pt solid; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center; border-top-color: white; border-top-width: 1.5pt; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Volume sold 1H23 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">54</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">136</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">209</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Volume sold 1H22 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">56</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">103</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">182</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Variation 1H23 vs. 1H22</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-4%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-17%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+32%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: right">+15%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Average price 1H23 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,889</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,924</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">869</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,230</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Average price 1H22 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2,106</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2,197</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1,119</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">1,561</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Variation 1H23 vs. 1H22</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-10%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-12%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-22%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: right">-21%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 1.5pt solid">Second quarter</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 1.5pt solid">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: white 1.5pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Volume sold Q2 23 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">25</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">70</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">106</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Volume sold Q2 22 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">28</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">13</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">50</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">91</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Variation Q2 23 vs. Q2 22</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-12%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-14%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+41%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: right">+17%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Average price Q2 23 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,926</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,913</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">891</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,240</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">Average price Q2 22 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2,296</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2,322</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1,270</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">1,738</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Variation Q2 23 vs. Q2 22</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-16%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-18%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-30%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; text-align: right">-29%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 12pt 5.75pt 3pt 0; text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 7pt; color: #5F6062"><B></B></FONT></P>

<P STYLE="font: 7pt Verdana,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,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><FONT STYLE="color: #5F6062">In Q2 23,
</FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">reached a net profit of US$3 million, while in Q2 22, a
net loss of US$1 million was recorded, explained by higher FX gains over payables and lower losses from commodities
hedge.</FONT></P>

<P STYLE="font: 9pt Verdana,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$1 million in Q2 23 vs. US$2 million in Q2 22.</FONT></P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q2 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr2q236k_004.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,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,sans-serif; font-size: 11pt"><B>3.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_014"></A>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-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; 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, 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; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First half</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Second quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2023</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2023</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; width: 50%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">8</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">12</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right; width: 8%">-33%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">4</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 8%">5</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right; width: 8%">-20%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Local market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-33%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-20%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-33%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Administrative expenses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(22)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+57%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(13)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+117%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Other operating income</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-80%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-50%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Other operating expenses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+75%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+50%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Recovery from impair. (Impairment) of intangible assets</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Results for participation in joint businesses</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">23</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+26%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-20%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">13</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-38%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-91%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Finance income</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-50%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-67%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Finance costs</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(27)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(10)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+170%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(13)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+86%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Other financial results</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">102</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">57</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">78</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">45</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">86</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">46</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">19</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+142%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Income tax</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid">Net income for the period</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">80</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">20</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">+300%</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">39</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">19</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">+105%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; color: #4F5150; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">46</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">76</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-40%</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">16</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">35</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-53%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Increases in PPE&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+84%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">NA</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The holding
and others segment, without considering the affiliates&rsquo; equity income (Transener and TGS), posted a US$15 million </FONT><FONT STYLE="color: #00B0F0"><B>operating
loss</B></FONT> <FONT STYLE="color: #5F6062">in Q2 23, while in Q2 22, it was a US$9 million loss, mainly explained by the share price
performance impacting the executive compensation plan and lower accrued fees, partially offset by lower third-party expenses.</FONT></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In Q2
23, </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">reached a net gain of US$45 million vs. US$8 million in
Q2 22, mainly due to higher profits from the devaluation on liability monetary position in AR$, partially offset by higher tax interests.</FONT></P>

<P STYLE="font: 9pt Verdana,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 53%, recording
US$16 million in Q2 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 Q2 22.</FONT></P>

<P STYLE="font: 9pt Verdana,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$24 million in Q2
23 vs. US$31 million in Q2 22. The decline was mainly due to lower international reference prices and the lagged tariff increase over
regulated income that failed to offset inflation and AR$ devaluation. However, these effects were partially offset by higher propane and
butane exports, increased dispatch of ethane (and the award for achievement) and midstream revenues.</FONT></P>

<P STYLE="font: 9pt Verdana,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$7 million in Q2 23 (similar to Q2 22), mainly due to the tariff increase of approximately
155% as of January 2023, partially offset by the AR$ devaluation.<BR STYLE="clear: both">
</FONT></P>


<!-- Field: Page; Sequence: 19 -->
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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,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,sans-serif; font-size: 11pt"><B>3.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_015"></A>Analysis of the six-month period, by
subsidiary and segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: left">Subsidiary<BR>
<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">In US$ million</FONT></TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">First half 2023</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">First half 2022</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net debt<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; 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, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net debt<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; 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, sans-serif; font-size: 9pt; 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; width: 35%">Power generation segment</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Diamante</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Los Nihuiles</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(2)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">VAR<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>4</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">9</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Greenwind<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-weight: 700; color: #5F6062"><I><SUP>5</SUP></I></FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">9</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">52</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">65</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(6)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(32)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(0)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Subtotal Greenwind adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">9</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">52</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">32</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">CTBSA</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">42</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">306</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">58</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">223</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">67</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(21)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(153)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(5)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(29)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(111)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(33)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Subtotal CTBSA adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">153</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">29</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">111</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">33</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Pampa stand-alone, other companies, &amp; adj.<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">168</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(136)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">184</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">100%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">182</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">27</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">206</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">70</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">200</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">220</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">171</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">79</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Oil &amp; gas segment</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">159</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">870</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">14</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">158</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">875</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">48</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">159</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">870</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">14</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">158</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">875</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">48</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Petrochemicals segment</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">17</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">25</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">17</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">25</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Holding &amp; others segment</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Transener</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">64</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(23)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">31</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">36</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(11)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(47)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">17</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(23)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(26)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">8</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(9)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Subtotal Transener adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">17</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(6)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">8</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">9</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(3)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">TGS</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">182</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">62</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">74</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">244</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">296</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">119</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(130)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(45)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(53)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(173)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(210)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(84)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Subtotal TGS adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">28.1%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">52</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">18</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">29.3%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">71</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">87</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">35</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Pampa stand-alone, other companies, &amp; adj.<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(23)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">51</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">100%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(5)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(18)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">46</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">80</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">76</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">84</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; 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: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Deletions</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">100%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(164)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">100%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(228)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-right: white 1.5pt solid">Total consolidated</TD>
    <TD STYLE="font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: left; border-left-color: white; border-left-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">428</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">786</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">305</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">478</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">902</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">165</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-right: white 1.5pt solid; border-bottom: #5F6062 1pt solid; text-align: left">At our share ownership</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">419</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">951</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">305</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">477</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">1,129</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">165</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 7pt; color: #5F6062"><B></B></FONT></P>

<P STYLE="font: 7pt Verdana,sans-serif; margin: 3pt 0 0; text-align: justify; color: #5F6062"><B>Note</B>: <FONT STYLE="vertical-align: baseline"><B>1</B></FONT>
The deletions correspond to other companies or inter-companies or debt repurchases. <B>2 </B>Net debt includes holding companies and debt repurchases.
<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. However, due to pending divestment, Greenwind&rsquo;s assets and liabilities have been classified as held for sale since.</P>


<!-- Field: Page; Sequence: 20 -->
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,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,sans-serif; font-size: 11pt"><B>3.7</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_016"></A>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-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: left">Subsidiary<BR>
<FONT STYLE="font-family: Verdana, 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; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">Q2 23</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">Q2 22</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net debt<FONT STYLE="font-family: Verdana, 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; font-family: Verdana, sans-serif; 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, sans-serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net debt<FONT STYLE="font-family: Verdana, 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; font-family: Verdana, sans-serif; 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, 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; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; width: 35%">Power generation segment</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Diamante</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Los Nihuiles</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(2)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">VAR<FONT STYLE="font-family: Verdana, sans-serif; font-size: 8.5pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>4</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Greenwind<FONT STYLE="font-family: Verdana, sans-serif; font-size: 7.25pt; font-weight: 700; color: #5F6062"><I><SUP>4</SUP></I></FONT></TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">52</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">65</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(3)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(32)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(0)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Subtotal Greenwind adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">52</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">32</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">CTBSA</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">29</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">306</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">16</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">223</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(14)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(153)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(2)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(8)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(111)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(12)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Subtotal CTBSA adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">14</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">153</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">8</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">111</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Pampa stand-alone, other companies, &amp; adj.<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">80</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(136)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">98</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">87</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">27</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(31)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">98</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">70</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">104</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">99</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">171</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(18)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Oil &amp; gas segment</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">97</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">870</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">15</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">102</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">875</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">52</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">97</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">870</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">15</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">102</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">875</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">52</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Petrochemicals segment</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">19</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">19</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Holding &amp; others segment</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Transener</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">26</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(23)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">27</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(11)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(19)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">17</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(8)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(20)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">8</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(9)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Subtotal Transener adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(6)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(3)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">TGS</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">87</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">62</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">47</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">107</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">296</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">45</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(63)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(45)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(34)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(76)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(210)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(32)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Subtotal TGS adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">28.1%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">24</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">18</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">13</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">29.3%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">31</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">87</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Pampa stand-alone, other companies, &amp; adj.<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 700; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(15)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">23</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(4)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; 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; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">16</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">39</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">35</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">84</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">Deletions</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">100%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(164)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">100%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(228)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-right: white 1.5pt solid">Total consolidated</TD>
    <TD STYLE="font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: left; border-left-color: white; border-left-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">222</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">786</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">164</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">253</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">902</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">66</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-right: white 1.5pt solid; border-bottom: #5F6062 1pt solid; text-align: left">At our share ownership</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">226</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">951</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">164</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">253</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">1,129</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">66</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Trebuchet MS,sans-serif; color: #2172AE; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 16pt; color: #0081C6"></FONT></P>

<P STYLE="font: 7pt Verdana,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 or inter-companies.
<B>2</B> Net debt includes holding companies and debt repurchases. <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. However, due to pending divestment, Greenwind&rsquo;s
assets and liabilities have been classified as held for sale since.</P>


<!-- Field: Page; Sequence: 21 -->
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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%"><IMG SRC="pampr2q236k_004.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt Trebuchet MS,sans-serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 16pt">4.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 16pt"><A NAME="a_017"></A>Appendix</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,sans-serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B>4.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_018"></A>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-size: 7pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: left">Power generation's<BR>
key performance indicators&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">Hydroelectric</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">Wind</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">Subtotal<BR>
hydro<BR>
+wind</TD>
    <TD COLSPAN="10" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">HINISA</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">HIDISA</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">HPPL</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">PEMC<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">PEPE2</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">PEPE3</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">PEPE4<FONT STYLE="font-family: Verdana, sans-serif; font-size: 7.2pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">PEA<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">CTLL</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">CTG</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">CTP</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">CPB</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">CTPP</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">CTIW</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">CTGEBA</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">Eco-<BR>
Energ&iacute;a</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">CTEB<FONT STYLE="font-family: Verdana, 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; font-family: Verdana, sans-serif; text-align: center">Subtotal<BR>
thermal</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; width: 32%">Installed capacity (MW)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 3%">265</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 3%">388</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 3%">285</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 3%">100</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 3%">53</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 3%">53</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 3%">81</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 3%">100</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right; width: 4%">1,325</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 3%">780</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 3%">361</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 4%">30</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 3%">620</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 3%">100</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 3%">100</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 4%">1,253</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 3%">14</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right; width: 3%">848</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right; width: 4%">4,107</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right; width: 3%">5,432</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">New capacity (MW)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">81</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">387</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">184</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">565</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">14</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">279</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">1,343</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">1,730</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Market share</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">0.6%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">0.9%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">0.7%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">0.2%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">0.1%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">0.1%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">0.2%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">0.2%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">3.1%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1.8%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">0.8%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">0.1%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1.4%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">0.2%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">0.2%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2.9%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">0.03%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2.0%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">9.5%</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">12.5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Semester</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">Net generation 1H23 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">212</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">154</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">287</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">166</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">102</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">105</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">83</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">142</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,250</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">2,671</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">86</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">37</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">583</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">209</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">214</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">4,005</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">30</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,894</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">9,728</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">10,978</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">Market share</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.4%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.20%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1.8%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">3.8%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.8%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">5.7%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.0%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">2.7%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">13.8%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">15.6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">Sales 1H23 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">213</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">154</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">287</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">166</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">103</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">105</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">83</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">136</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,246</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">2,671</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">274</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">37</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">583</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">209</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">214</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">4,367</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">68</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,893</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">10,315</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">11,561</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Net generation 1H22 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">162</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">143</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">291</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">196</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">120</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">127</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,038</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2,598</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">182</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">614</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">183</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">172</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">4,083</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">38</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">434</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">8,331</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">9,369</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Variation 1H23 vs. 1H22</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+31%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+8%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-2%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-15%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-14%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-17%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">na</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">na</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+20%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-53%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+39%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-5%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+14%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+25%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-2%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-21%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+17%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+17%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Sales 1H22 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">162</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">143</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">291</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">196</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">134</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">126</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,052</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2,598</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">293</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">614</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">183</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">172</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">4,504</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">80</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">434</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">8,905</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">9,956</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">Avg. price 1H23 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">70</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">79</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">66</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">66</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">83</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">47</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">73</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">28</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">95</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">74</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">36</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">42</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">34</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Avg. price 1H22 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">30</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">44</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">69</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">73</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">67</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">67</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">na</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">46</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">43</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">106</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">90</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">36</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">41</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">Avg. gross margin 1H23 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">60</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">63</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">72</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">34</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">75</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">55</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">19</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Avg. gross margin 1H22 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">60</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">56</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">60</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">60</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">na</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">85</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">67</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">133</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">25</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">26</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Second quarter</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">Net generation Q2 23 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">37</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">57</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">111</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">83</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">56</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">511</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,388</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">47</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">14</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">100</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">106</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,828</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,110</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">4,707</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">5,218</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">Market share</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.19%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1.6%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">4.4%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.0%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">5.7%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">0.0%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">3.5%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">14.8%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">16.4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">Sales Q2 23 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">37</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">57</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">111</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">83</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">56</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">56</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">506</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,388</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">120</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">14</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">106</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">2,045</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">1,110</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">5,017</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">5,523</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Net generation Q2 22 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">45</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">117</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">94</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">58</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">63</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">439</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1,332</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">319</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">104</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1,965</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">19</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">174</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">4,038</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">4,477</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Variation Q2 23 vs. Q2 22</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-18%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-8%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-5%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-13%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-7%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-17%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">na</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">na</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+16%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+4%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">na</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+113%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-68%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-0%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+2%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-7%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">-44%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: right">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+17%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">+17%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Sales Q2 22 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">45</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">117</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">94</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">64</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">63</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">445</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">1,332</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">67</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">319</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">104</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">2,157</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">174</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">4,302</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">4,747</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">Avg. price Q2 23 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">52</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">49</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">71</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">79</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">66</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">66</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">89</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">57</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">19</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">70</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">30</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">70</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">97</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">75</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">39</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">48</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">35</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">37</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Avg. price Q2 22 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">50</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">49</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">69</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">73</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">66</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">66</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">na</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">51</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">123</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">77</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">97</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">78</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">39</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">42</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">116</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">39</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif">Avg. gross margin Q2 23 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">59</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">76</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">19</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">78</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">57</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">19</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif">Avg. gross margin Q2 22 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">60</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">57</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">na</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">49</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">9</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">78</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">58</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: right">91</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">22</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 3pt"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana,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. In the process of divestment. <B>2</B> PEPE
IV&rsquo;s progressive commissioning: 18 MW (Dec-22), 18 MW (Feb-23), 9 MW (Apr-23), 9 MW (May-23) and 27 MW (Jun-23). <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 279
MW  from April 26, 2023, and both GTs from 567 MW to 569 MW.</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q2 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="pampr2q236k_004.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,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,sans-serif; font-size: 11pt"><B>4.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 11pt"><B><A NAME="a_019"></A>Production in the main oil and gas blocks</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: left">In kboe/day at ownership</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">Semester</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">Second quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">2023</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">2022</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">Variation</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">2023</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">2022</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; border-bottom: white 1.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 38%">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: center; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">El Mangrullo</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">35.6</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">39.7</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">-10%</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">37.4</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">43.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">-13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">R&iacute;o Neuqu&eacute;n</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">9.0</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">8.8</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+3%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">9.2</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">8.9</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">Sierra Chata</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">10.1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4.2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+140%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">13.1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4.2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+209%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">Rinc&oacute;n del Mangrullo<FONT STYLE="font-family: Verdana, 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; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1.5</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2.2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">-33%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1.4</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">-33%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">Others</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1.2</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+2%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1.1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1.2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">-0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total gas at working interest</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">57.4</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">56.0</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: center">+2%</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">62.3</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">59.6</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: center">+5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 8pt Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font: italic 8pt Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font: italic 8pt Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Oil</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">El Tordillo<FONT STYLE="font-family: Verdana, 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; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2.2</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2.6</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">-14%</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2.2</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2.5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">-13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">Gobernador Ayala</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1.2</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1.0</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+13%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1.1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1.0</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+11%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">Associated oil<FONT STYLE="font-family: Verdana, 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; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1.1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1.0</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+11%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1.1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1.0</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">Others</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0.6</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0.5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+31%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0.6</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0.5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: center">+16%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total gas at working interest</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5.1</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5.1</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: center">+0%</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5.1</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5.1</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: center">+0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 8pt Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font: italic 8pt Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font: italic 8pt Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">Total</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">62.4</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">61.1</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">+2%</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">67.3</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">64.6</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">+4%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 14pt; color: #5F6062"></FONT></P>

<P STYLE="font: 7pt Verdana,sans-serif; margin: 0 77.85pt 3pt 0; text-align: justify; color: #5F6062"><FONT STYLE="vertical-align: baseline"><B>N</B></FONT><B>ote</B>:
Production in Argentina. <B>1</B> It does not include shale formation. <B>2</B> It includes La Tapera &ndash; Puesto Quiroga block. <B>3</B>
From gas fields.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 16pt">5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 16pt"><A NAME="a_020"></A>Glossary of terms</FONT></TD></TR></TABLE>

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    <TD STYLE="width: 19%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Term</B></FONT></TD>
    <TD STYLE="width: 81%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Definition</B></FONT></TD></TR>
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    <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">1H23/1H22</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">First half of 2023/First half of 2022</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>A</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">DR/ADS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">American Depositary Receipt</FONT></TD></TR>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">CENCH</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Concesi&oacute;n de explotaci&oacute;n no convencional de hidrocarburos </I>(Unconventional Hydrocarbon Exploitation Concession)</FONT></TD></TR>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">ENARSA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Energ&iacute;a Argentina S.A. </I>(former Integraci&oacute;n Energ&eacute;tica Argentina S.A.)</FONT></TD></TR>
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    <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>
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    <TD STYLE="white-space: nowrap; 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="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Financial Statements</FONT></TD></TR>
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    <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>
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    <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">O</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Gas Oil</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">GPNK</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Presidente N&eacute;stor Kirchner Gas Pipeline</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Greenwind</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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6"><B>O/S</B></FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Share ownership</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>
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    <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 II Wind Farm, stage 1 and 2</FONT></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
   <TR STYLE="background-color: #20396D">
    <TD STYLE="width: 19%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Term</B></FONT></TD>
    <TD STYLE="width: 81%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Definition</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; width: 19%"><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; width: 81%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Ingeniero Mario Cebreiro Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">PEPE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Pampa Energ&iacute;a Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Plan Gas.Ar</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Re-assurance and Strengthening of the Federal Hydrocarbon Production through Self-Supply, Exports, Replacement of Imports and the Expansion of the Transportation System to All the Country&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">Power Purchase Agreement</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</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</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">Q2 23/Q2 22</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">Second quarter of 2023/Second 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$</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">U.S. Dollars</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">US$-link</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">A security in which the underlying is linked to US$ wholesale exchange rate</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; 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: #5F6062">US$-MEP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">A security in which the settlement uses US$ in the local market</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 2.25pt solid; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062">UVA</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062"><I>Unidad de Valor Adquisitivo</I> (Purchasing power unit)</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 25; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri,sans-serif"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q2 23 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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